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Providing for Consideration of Senate Amendment to House Amendment to Senate Amendment to H.R. 4853, Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. SHERMAN. I'll be voting ``yes'' on the amendment, and if it fails, as I expect it will, I'll be voting ``yes'' on the bill. I'll vote ``yes'' on the amendment, because we ought to have a fair estate tax in this country. But, instead, Republicans insist that we increase the deficit $28 billion over the next 2 years in order to provide the lowest tax rates in 80 years on the richest few dozen families in each of our States.

We should care about the deficit. And to say that the tax rate included in the amendment is unfair is to say that every Republican voted for an unfair tax when they voted for the Bush tax law that was applicable to 2009.

Furthermore, another problem with the estate tax in the bill is that it provides a rate of tax for those deaths that occur in 2010 that is less than zero because the richest families can choose between a zero tax rate or huge write-offs on their income tax, which might be even lower, and they'll get the best possible tax advice.

Finally, under this bill you're going to have some people who realize that if the patriarch of the family dies this year, they save tens of millions of dollars over next year. I hope that no plugs are pulled.

I am going to vote for the bill only because of one question, Compared to what? If we do not send this bill to the President's desk this year, he will certainly sign a worse bill next year. It is not clear that House Democrats were at the table in the December negotiations, but it is clear that House Republicans will be at the table for the negotiations in January on this bill. The President and Democrats in the Senate have already agreed to this deal and I fear that they would agree to something a little bit worse. So it is with great reluctance that I will vote for this bill, should the amendment fail.

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