Conyers Opposes Irresponsible Estate Tax Changes

Washington, DC - Today, Congressman John Conyers, Jr. voted against H.R. 5638, the Permanent Estate Tax Relief Act of 2006. This irresponsible bill would benefit a tiny sliver of the very wealthy at the expense of hard-working poor and middle class Americans. Congressman Conyers stated the following about why he opposes H.R. 5638:

"The House of Representatives is known as the 'People's House.' Instead of taking up legislation that will improve the lives of a wide range of people, we are debating a tax break that will benefit a measly 7,500 Americans, or in other words, only the super-rich.

This bill would increase the estate tax exemption to $5 million for an individual and $10 million for a couple. What is the cost of such a policy change? $823 billion over 9 years. It is shocking that the Congress refuses to give poor working Americans a 70 cent increase in the minimum wage, but have no hesitation in rewarding the very wealthy a $823 billion windfall.

Today, I received a letter from the UAW, who plainly argues that if we pass this legislation, it will exacerbate our enormous federal deficits and place additional burdens on future generations. With a federal debt of over $8 trillion, a tax break for the wealthy is no way to bring our budget back into balance or to reduce the enormous deficit this Administration has presided over.

I also received a letter from the National Education Association that persuasively argues how this legislation would seriously jeopardize the ability to invest in our children and public education in the future. By draining federal coffers of much-needed revenue, we will be forced to cut much more than education. Funding for health care, veterans benefits, environmental protections, affordable housing, student loans, and homeland security are all at risk if we pass this irresponsible legislation.

With so many important issues facing our country, such as 41.2 million Americans without health insurance, no minimum wage increases since 1997, and billions of dollars squandered in Iraq, it is a shame that the People's House has been hijacked by the narrow interests of the super-rich. Today's vote is another in a long list of votes to benefit the special interests of a few. The time is long overdue for the Congress to deal with the myriad of critical issues facing Americans today."

###6-22-2006###