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Estate Tax and Extention of Tax Relief Act of 2006

Date: July 28, 2006
Location: Washington, DC
Issues: Unemployed and Low-Income


ESTATE TAX AND EXTENSION OF TAX RELIEF ACT OF 2006 -- (House of Representatives - July 28, 2006)

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Mr. PENCE. Mr. Speaker, I come to this floor wishing for a different choice than the one before me. The bill under debate provides permanent estate and gift tax relief--something I have long supported. That is why the choice before us tonight is so difficult. While this bill will provide relief to American farmers and small business owners, it also will do much harm to those very same people and the people they employ because of the irresponsible 41% increase in the minimum wage that it also contains. This increase in the minimum wage is excessive and will hurt the poor and those entering the workforce by reducing the number of entry level positions in our economy.

Minimum wage increases raise unemployment among teenagers, minorities and part-time workers. The minimum wage violates fundamental free market economics. It costs jobs, and I cannot support policies that will take jobs from those who need a paycheck the most.

Any proposal containing a minimum wage increase should be jobs-neutral. If the federal government increases costs for businesses with one hand, it is only right that it reduce costs for businesses with the other. And while this legislation does contain good tax extensions, in totality, it is not jobs-neutral. This increase in the minimum wage will cost American jobs, and I cannot support it.

Additionally, this bill contains unrelated elements added during the eleventh hour. A budget-busting provision is included that converts the Abandoned Mine Land program from discretionary to mandatory spending. The result is an increase in the deficit of $3.9 billion over the next 10 years.

Mr. Speaker, I would like to stand before you tonight and say that I could support this bill because more than anyone, I want permanent death tax relief. But, I cannot in good conscience vote for a bill that also contains an excessive minimum wage increase that will hurt small businesses and cost American jobs. And, I cannot vote for a bill that busts the budget by nearly $4 billion over 10 years. Regretfully, Mr. Speaker, for those reasons I stand tonight in opposition to this bill.

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