Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 106 CONGRESS, SECOND SESSION

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Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 106 CONGRESS, SECOND SESSION E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 106 CONGRESS, SECOND SESSION Vol. 146 WASHINGTON, TUESDAY, MARCH 14, 2000 No. 28 Senate The Senate was not in session today. Its next meeting will be held on Monday, March 20, 2000, at 12 noon. House of Representatives TUESDAY, MARCH 14, 2000 The House met at 12:30 p.m. The Iowa State Men at the beginning package of a minimum wage increase f of the season some people even rated and tax reductions. them as being at the bottom of the Big The resistance on the part of the Re- MORNING HOUR DEBATES 12 this year. In fact, they came through publican leadership to a fairly small The SPEAKER. Pursuant to the with an outstanding phenomenon per- minimum wage increase in the midst of order of the House of January 19, 1999, formance and not only won, as I said the greatest prosperity we have ever the Chair will now recognize Members before, the regular season but won the known speaks a great deal to a social from lists submitted by the majority tournament; and I want to congratu- insensitivity, but equally distressing to and minority leaders for morning hour late Marcus Fizer as the Most Valuable me is their decision that we should debates. The Chair will alternate rec- Player. begin to reduce one of the most pro- ognition between the parties, with each This is a great thing that is hap- gressive taxes in America. And, of party limited to not to exceed 30 min- pening in Iowa. Minneapolis is going to course, their goal is ultimately to re- utes, and each Member, except the ma- look like Iowa State Cyclone country peal it. I speak of the estate tax. We have some unfair taxes in Amer- jority leader, the minority leader, or this weekend when the Iowa State Men ica, and many people feel that working the minority whip, limited to not to go up there to play in the first round of people, people of average income, peo- exceed 5 minutes. the tournaments. Both coaches, Bill ple who are making $30,000, $40,000, The Chair recognizes the gentleman Fennelly and Larry Eustachy, have $50,000 a year pay an unfair share of the from Iowa (Mr. LATHAM) for 5 minutes. done a fabulous job this year. And I just want to send my congratulations tax burden. And I believe that is true f to Iowa State, the great performance in part because of the payroll taxes. We have one tax, the estate tax, ACCOLADES TO WOMEN'S AND they have had. which literally applies only to million- MEN'S BASKETBALL TEAMS IN I wish them the best of luck in the aires. And it does not even apply to THE STATE OF IOWA tournaments. No matter what happens, they will have given Iowa State fans millionaires. It applies to people who Mr. LATHAM. Mr. Speaker, as every- across this country something really to have shown a rare talent. They have one knows, we are starting March Mad- cheer about. shown an ability to be related to mil- ness, and there is something excep- In conclusion, Mr. Speaker, all I can lionaires. tional happening in the State of Iowa. say is go Cyclones. Madam Speaker, I think being re- I want to congratulate the Drake Wom- f lated to a millionaire is certainly a en's Basketball team for making the great asset in life, and I would rec- tournament, but what is really hap- REPUBLICAN ESTATE TAX POLICY ommend it to people. If you have a pening in Iowa is the fact that both the The SPEAKER pro tempore (Mrs. chance to be related to someone very Iowa State University Men's and Wom- BIGGERT). Under the Speaker's an- wealthy, take it. But I do not believe en's Basketball teams not only won the nounced policy of January 19, 1999, the that being related to an extremely regular season championship in the Big gentleman from Massachusetts (Mr. wealthy person who has just died is a 12, but each of them also won the Big 12 FRANK) is recognized during morning mark of inherent value. It is neutral. It tournaments over the weekend. hour debates for 5 minutes. does not make you a bad person, but it This is unprecedented in the Big 12. Mr. FRANK of Massachusetts. does not make you a hero either. The Iowa State Women have had a tre- Madam Speaker, rarely have the dif- And the notion that you have an ab- mendous year. They are going to host ferences between the two political par- solute right to be greatly rewarded by the tournament at Ames; and we wish ties been more graphically dem- your good fortune in having a very rich them the very, very best. onstrated than when we debated the relative seems to me a mistake. Now, b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. H933 . VerDate 13-MAR-2000 00:29 Mar 15, 2000 Jkt 079060 PO 00000 Frm 00001 Fmt 4636 Sfmt 0634 E:\CR\FM\A14MR7.000 pfrm02 PsN: H14PT1 H934 CONGRESSIONAL RECORD Ð HOUSE March 14, 2000 what is particularly interesting is the drug coverage to the great bulk of mid- by $75 billion over the next 10 years, even estate tax brings in a little over $20 bil- dle-income Americans and lower-in- though the Federal budget projects the es- lion a year, and it will soon be the case come Americans, and while we are at tate tax will raise more than that amount in the next three years alone. that your estate has to be a million it, reduce the amount that goes to pri- The chairman of the House Ways and dollars or more before you pay it. And vate charity. That is the difference be- Means Committee, Representative Bill Ar- the great bulk of it is paid by people tween the parties. cher of Texas, who had not seen the article, who die and leave tens of millions of Madam Speaker, I include the fol- said that he was skeptical of its claims and dollars. lowing two articles for the RECORD any data drawn from I.R.S. records. Now, here is what we do if we abolish which illustrate these points. ``Every dollar taken by the death tax is a dollar taken out of savings when what this the estate tax, as the Republican party [From the New York Times, July 25, 1999] wants to do it, we say to old people country needs is more private savings,'' said STUDY CONTRADICTS FOES OF ESTATE TAX Mr. Archer, the author of the House Repub- who, because most of the people who (By David Cay Johnston) licans' tax bill. He said the costs of the es- pay the estate tax or over 90 percent Congressional opponents of the estate tax tate tax included discouraging wealthy for- were 65 or older when they die, we say say it discourages savings, costs the econ- eigners from moving to the United States to these older people who died rich that omy more than it raises for the Government with their capital and skills. we will be very protective of them, or and makes it very difficult for a family- As to whether existing exemptions are at least of their smart relatives who owned farm or business to be passed to the enough for farms to stay in families, he said, figured out how to be related to them. next generation. ``The input from the Ag Belt is totally con- But all of those arguments are contra- trary to that.'' On the other hand, if you are old and The authors say that among the virtues alive and not very rich, but you are on dicted by Government tax and economic data, according to a book-length study that they see in the estate tax are that it taxes Medicare and cannot afford prescrip- will be published tomorrow in the policy some money that has slipped past the in- tion drugs, the Republican position is, magazine Tax Notes. come tax system, it is paid only by those well, that is tough, you will just have The article comes after the House passed most able to pay, it encourages financial to learn to deal with it. In other words, on Thursday night the Republicans' bill to planning and charitable giving and it tends the Republican party tells us on the cut taxes by $792 billion, including the repeal to ease the trend toward concentration of one hand we cannot afford this wealthy of the estate tax. Similar legislation was wealth. The richest 1 percent of Americans now one half of all stocks, bonds and other Nation to provide full prescription drug being considered in the Senate but the out- come of the repeal is in doubt because Presi- assets, a record level, according to Professor coverage to middle-income and lower- dent Clinton has promised to veto it. Edward N. Wolff of New York University. income elderly people, not the very Yet the article in Tax Notes seems likely Experts say the Tax Notes article may be poor, they are covered by Medicaid, but to have a profound effect on the debate over as influential as the 1994 Yale Law Review people who are making $25,000, $30,000, estate taxes, experts say.
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