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Public Statements

Job Protection and Recession Prevention Act of 2012

Floor Speech

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Date:
Location: Washington, DC

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Mr. SMITH of Nebraska. Mr. Speaker, I rise in favor of the bill that we are facing here today. It's been an interesting debate that we've had now for some time.

I learn a lot traveling around my district, but it was especially compelling when I was at a manufacturing plant, less than 40 employees, and they told me--unprovoked--they said the estate tax going up to 55 percent would devastate their business. Those were their words, ``devastate their business.'' It's not just farmers and ranchers that would pay the estate tax, it would also be small businesses--and very thriving small businesses who put people to work, who provide benefits, health care, and otherwise.

Truly, the 35 percent rate is a compromise. I would prefer to see no estate tax, given the fact that it is double taxation--and certainly 55 percent is what many folks would consider confiscatory in nature. So I rise in favor of the bill that we are debating here today. I think that it is better policy--certainly better for our economy that we would not raise taxes on the American people.

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