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E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 109 CONGRESS, SECOND SESSION Vol. 152 WASHINGTON, THURSDAY, AUGUST 3, 2006 No. 106—Book II House of Representatives The House was not in session today. Its next meeting will be held on Wednesday, September 6, 2006, at 2 p.m. Senate THURSDAY, AUGUST 3, 2006 ESTATE TAX AND EXTENSION OF is, we are going to try to have a deci- yield myself time on this bill. We have TAX RELIEF ACT OF 2006—MO- sion made on the protection act. Fol- essentially 30 minutes on either side, of TION TO PROCEED lowing the disposition of that, we which 15 or 20 minutes of our time will Mr. FRIST. Mr. President, we have would go to the pension bill, and my be used by Senator GRASSLEY. had a lot of discussion in terms of what request is that following that we would We will be voting shortly on what we the plans would be. We will be pro- pass the extenders. are calling the Family Prosperity Act. ceeding where we can finish the bills, The PRESIDING OFFICER. Is there Heretofore, it has been called the not the Department of Defense appro- objection? trifecta bill because it addresses three priations bill tonight, but in all likeli- Mr. FRIST. Reserving the right to different issues that are critically im- hood the other bills. I will propound object, Mr. President, I have made it portant to the American people. the unanimous consent request, and clear since the outset that our inten- Each of these three bills that have then we will lay out the evening. tion was to address the Family Pros- been grouped together to become the Mr. President, I ask unanimous con- perity Act, which are the three bills, Family Prosperity Act are important sent that notwithstanding rule XXII, which people have been referring to as to hard-working Americans, millions of the cloture vote with respect to H.R. the ‘‘trifecta,’’ unamended and without them. One of the three bills is the per- 5970, the Family Prosperity Act, occur any attempt to either separate that manent tax relief bill. Let me say at following 15 minutes for Senator and add it to the pensions bill. We will the outset that this is a compromise GRASSLEY, 15 minutes for the Demo- proceed as planned, consistent with the bill that has been put together. We at- cratic manager, and 15 minutes for unanimous consent request that I out- tempted earlier to do something that I each leader; provided further that if lined. strongly believe in, which is totally re- cloture is not invoked, the Senate then I do object. pealing this unfair and wrongful proceed immediately to the consider- The PRESIDING OFFICER. Objec- ‘‘death’’ tax. We were unable to do that ation of H.R. 4, the pensions bill, and tion is heard. on the floor of the Senate, and after a that there be 20 minutes for debate Mr. REID. Reserving the right to ob- lot of discussion between Republicans equally divided between the two lead- ject, Mr. President. I understand the and Democrats, with the leadership, ers, with no amendments in order to leader. He told me that earlier today. I with Senator KYL on our side and many the bill; further, that following the use told him I would do this. I hope that Democrats, a bill that is a compromise or yielding back of debate, the bill be when we come back, following the com- was put together and is very similar to read the third time and the Senate pro- pletion of the Defense appropriations the bill that is in the Family Pros- ceed to a vote on passage, with no in- bill, this will be one of the first things perity Act. tervening action or debate; further, we work on. This is an extremely im- Why is it important? Because this that it not be in order to consider any portant piece of legislation. I am dis- death tax punishes everyday Ameri- conference report on H.R. 2830 during appointed that we were not able to cans by forcing them to give up their this Congress. complete this at the conference that businesses, give up their farms, which The PRESIDING OFFICER. Is there was completed a week or so ago. I have their loved ones—dads, moms, and objection? no objection to the majority leader’s grandparents—have worked hard to Mr. REID. Mr. President, reserving request. pass on to them. It has a direct impact the right to object, I move that we The PRESIDING OFFICER. Without on farming, ranching, construction. All amend H.R. 4388—it is the extenders, so objection, it is so ordered. of these bills are labor and capital in- that everybody knows what I am talk- Who yields time? tensive, but the cost of passing these ing about—with the text of the extend- Mr. FRIST. Mr. President, I will enterprises on to future generations in ers amendment I offered earlier to the yield to Senator GRASSLEY when he one piece is often prohibitive and im- defense bill. In effect, what I am saying comes. I think that I will go ahead and possible to do. ∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S8725 . VerDate Mar 15 2010 23:30 Feb 05, 2014 Jkt 081600 PO 00000 Frm 00001 Fmt 4637 Sfmt 8472 E:\2006SENATE\S03AU6.PT2 S03AU6 mmaher on DSKCGSP4G1 with SOCIALSECURITY S8726 CONGRESSIONAL RECORD — SENATE August 3, 2006 About 90 percent of family businesses of this bill. Its authors in the House From a personal standpoint, I have don’t survive that third generation. and Senate came up with that nick- supported minimum wage increases in Even those who do manage to pass on name. They call it the ‘‘trifecta’’ bill. the past. I’ll continue to support them their family businesses are adversely Many folks know I’m a bit of a frugal as long as the increase doesn’t raise affected. Instead of spending money to person. You’d definitely hear it from innovate and grow the business, people teen unemployment and doesn’t hurt have to pay money either to the Fed- my staff. Some might say I am cheap. small business. eral Government, to accountants and I would say frugal. Frugal folks tend to I am going to focus on the first two business people to, in some way, try to be drudges and a bit predictable, but, lessen the burden they would some day at the end of the day, frugality tends pieces of the trifecta. That is, the have to pay. to mean that you have your house to death tax relief and the trailer bill. There are a lot of issues that we have go home to and a little bit of savings in Those matters are squarely within the addressed in this body. It is time that the bank. Finance Committee’s jurisdiction. I we act on this one. Again, it is a com- You don’t see a lot of frugal folks have some history with those issues. I promise that we pulled together. that take big speculative gambles. care a great deal about the policy in The second aspect of the Family So, when I saw this term ‘‘Trifecta,’’ both of those areas. As chairman, I feel Prosperity Act are some very impor- tant tax extenders. There is a list of not being much of a gambler, I didn’t a lot of responsibility for the tax policy those that I am sure others will talk know what it meant. I asked my staff in these areas. about it. They explained that it was a about, and one that is of particular in- Let’s take a look at death tax relief horse or dog racing term. It refers to a terest to me is the sales tax deduct- first. I support repeal. I take it from ibility. In my State of Tennessee, from compound bet. That is, the bettor the vote we had on the motion to pro- 1986 to 2004, hard-working Tennesseans places a bet on three horses. The bettor were placed at a disadvantage simply indicates which horses will win, place, ceed to the death tax repeal bill that a because Tennessee was one of seven and show. majority of the Senate also supports States that chose to raise revenue pri- I asked my staff about the typical repeal or some sort of significant re- marily through a sales tax instead of lief. an income tax. Thankfully, in 2004, this odds on a trifecta in a horse race. They body, working with President Bush, re- picked the 2006 Kentucky Derby. Ac- I want to make it clear to the people stored fairness to that Federal tax pol- cording to the record, Barbaro was fa- listening, who may not understand how icy, but that provision expired last vored to win by 6 to 1 odds, Bluegrass the Senate works, why we need 60 year, and more than 64,000 Tennessee Cat was 30 to 1 odds to win, and votes. A vast majority of this Senate families will suffer if that tax relief is Steppenwolfer was 30 to 1 odds to win. supports repeal of the death tax, but it not extended. That is just one provi- The $2 Trifecta paid $11,418 which is a sion. There are many others. won’t happen because of the 60-vote re- pay-out of $5,709 per every dollar.

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