TRANSCRIPT

Whip Hoyer Speaks Out Against Republican's Attempt to Eliminate the Estate Tax
June 22, 2006

THIS HAS NOTHING TO DO WITH THE ECONOMY AND EVERYTHING TO DO WITH FISCAL RESPONSIBILITY. MR. SPEAKER, OVER THE LAST 5 1/2 YEARS THIS REPUBLICAN MAJORITY HAS REPEATEDLY PUSHED TAX LEGISLATION THAT WAS BLATANTLY UNFAIR, GROSSLY IRRESPONSIBLE, AND FISCALLY RUINOUS. TODAY, HOWEVER, THEY OUTDO EVEN THEMSELVES. OUR NATION IS AT WAR. OUR BRAVE TROOPS ARE UNDER FIRE. OUR NATION IS FACING RECORD BUDGET DEFICITS. THAT'S THE LEGACY OF THIS REPUBLICAN LEADERSHIP. AND THE NATIONAL DEBT WHICH NOW STANDS AT $.4 TRILLION TSH-$8.4 TRILLION IS EXPLODING UNDER THIS REPUBLICAN CONGRESS AND ADMINISTRATION. DESPITE ALL THE CHALLENGES FACING THE PEOPLE OF OUR NATION, TODAY THIS REPUBLICAN MAJORITY INSISTS THAT WE GIVE A HUGE TAX BREAK TO THE -- HEIRS OF THE WEALTHYIES PEOPLE IN AMERICA. I'M FOR MODIFICATION. NOT THIS BILL. IF THERE EVER WAS A BILL THAT DEMONSTRATED THE REPUBLICAN PARTY'S MISGUIDED PRIORITIES AND THE DEEP DIFFERENCES BETWEEN OUR PARTIES, THIS IS THE ONE. DEMOCRATS ARE CONTINUING TO FIGHT TO RAISE THE FEDERAL MINIMUM WAGE WHICH HAS NOT BEEN INCREASED SINCE 1997, AND WHICH IS AT ITS LOWEST LEVEL IN HALF A CENTURY. 6.6 MILLION WORKERS WOULD BE AFFECTED. 7,500 PEOPLE IN THIS BILL. AS THE MAJORITY LEADER TOLD THE PRESS ON TUESDAY, AND I QUOTE, I'M' POSED TO IT, MEANING THE INCREASE IN THE MINIMUM WAGE, AND I THINK THE VAST MAJORITY OF OUR CONFERENCE IS OPPOSED TO IT. BUT THIS BILL COMES TO US, NOT BEEN TO COMMITTEE. NEVER MARKED UP IN COMMITTEE. COMES DIRECTLY TO THE FLOOR WITH NO CONSIDERATION. LET US BE CLEAR ABOUT THE FACTS. LESS THAN 1% OF ALL ESTATES IN AMERICA WILL PAY ESTATE TAXES IN 2006. UNDER THIS YEAR'S EXEMPTION. BEFORE THIS BILL. AND WHEN THE EXEMPTION INCREASES IN 2009 TO $3.5 MILLION, WHICH I HAVE SUPPORTED, $7 MILLION FOR STUMBLEBUM, ONLY 7,500 IN AMERICA WILL BE SUBJECT TO THE ESTATE TAX. THAT'S NOT ENOUGH. WARREN BUFFETT SAID THEY TALK ABOUT CLASS WARFARE, AND HIS CLASS IS WINNING. AMEN, MR. BUFFET. TODAY HOUSE REPUBLICANS ARE FALLING ALL OVER THEMSELVES TO GIVE THE HEIRS OF APPROXIMATELY 7,500 ESTATES A TAX CUT THIS. BILL IS NOT ONLY MORALLY REPREHENSIBLE, BUT FISCALLY IRRESPONSIBLE. MAY I HAVE 30 ADDITIONAL SECONDS. THE SPEAKER PRO TEMPORE: THE GENTLEMAN IS RECOGNIZED FOR AN ADDITIONAL 30 SECONDS. MR. HOYER: IT'S ESTIMATED THIS REPUBLICAN BILL WILL COST $762 BILLION OVER ITS FIRST 10 YEARS. YOU DON'T HAVE $762 BILLION. WE ARE ALL CORRECT. ARE YOU GOING TO BORROW IT FROM THE CHINESE, SAUDIS, GERMANS, JAPANESE, AND OTHERS. WHO'S GOING TO PAY THE BILL? OUR CHILDREN ARE GOING TO HAVE TO PAY THAT BILL. OUR GRANDCHILDREN ARE GOING TO HAVE TO PAY THE BILL BECAUSE YOU DON'T HAVE THE MONEY. THE "WALL STREET JOURNAL" SAID THE OTHER DAY THEY DIDN'T AGREE WITH PAY-GO? WHY BECAUSE IT WOULD UNDERCUT TAX CUTS, WHY? BECAUSE YOU NEITHER HAVE THE COURAGE NOR THE ABILITY TO PAY FOR YOUR TAX CUTS. VOTE AGAINST THIS BAD BILL.