The Republican bill (H.R. 8) to permanently repeal the estate tax is just one more tax cut for the rich. It provides a windfall for millionaires and a loss of desperately-needed federal revenue. The bill gives a tax break to the three tenths of one percent of estates while imposing a new capital gains tax on most estates - including small businesses and farmers. This bill, soon to be the law, is another missed opportunity to make social security solvent.

The Democrats offered, and I supported, a generous alternative. This reform amendment would permanently raise the exemption rates and thus provide immediately estate tax relief to more than 99% of all estates. It would leave only 0.25% of estates subject to the tax. It would ensure that small businesses and working families are exempt while not letting millionaires off the hook.

This fiscally responsible substitute would cost $72 billion over 10 years. The Republican full repeal price tag is $290 billion. The Democrats would direct the $220 billion over ten year savings from this amendment to the Social Security Trust Fund that will strengthen Social Security and make it solvent.

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