Congressional Budget For The United States Government For Fiscal Year 2008

Floor Speech

CONGRESSIONAL BUDGET FOR THE UNITED STATES GOVERNMENT FOR FISCAL YEAR 2008 -- (Senate - March 23, 2007)

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Mrs. LINCOLN. Mr. President, I thank my colleague, Senator Nelson, as well as Chairman Baucus and Ranking Member Grassley, who have helped us in the direction of moving forward to something that is realistic in terms of estate tax reform. We will have the opportunity in the Finance Committee to be able to craft something that makes sense. But without what Senator Nelson and I and others are doing here, we will not have the direction to do that.

Many of us know we have outlived the boundaries of the current estate tax law. We know in 2010 it may go away, but the fact is in 2011 it comes back at an old and arcane number.

What we do is take what Senator Baucus has already done in the first amendment we voted on and adopted, and we increase it to a realistic and balanced level of a $5 million exemption and a 35-percent rate, and we do it with a reserve fund that will allow us to make sure we pay for it in a fiscally sound way when it comes through the Finance Committee.

I have worked diligently on this issue since I have come to the Senate, recognizing that for our small businesses, our family businesses, and our family farms this is an essential component for them to be able to be aware of how they can plan for their finances to keep those family businesses in working order.

So we appreciate it. I urge our colleagues, this is a great opportunity to have the Senate on record as moving forward on this issue. I encourage all of my colleagues to take a look at it and support us because it gives us an opportunity to get moving on this issue.

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