Rep. Dave Camp (R-MI), the next chairman of the tax-writing House Ways & Means Committee, kindly mentioned the National Association of Manufacturers and other business trade associations in his floor remarks Thursday in support of H.R. 4853, the tax compromise. Excerpt:
Let’s be clear – this is a bill about taxes – long standing tax policy for that matter – and preventing a tax hike. It isn’t about spending. Over 90 percent of this bill is tax policy – and that policy is aimed at preventing a tax hike for families and employers or providing direct tax relief to American workers.
It also protects family farms, ranches and businesses from being hit by a destructive “Death Tax” that will go as high as 55 percent next year. Instead, this bill reduces that rate to 35 percent while increasing the exemption amount from $1 million to $5 million.
Now, I know $1 million sounds like a lot of money – and it is. But think about the family farmers in your districts, think about the cost of the big machinery it takes to operate and manage their lands – some of the combines I see every day in my district cost a quarter-million dollars each! That isn’t cash in the bank; that is equipment in the field and the federal government has no right to take half of it when mom or dad passes on. While I support a total repeal of the Death Tax, at least this bill makes significant improvements to the Estate and Gift taxes, and it deserves our support.
Members should also know and the American people should know that this bill does not contain “new” policy. New provisions were not snuck in late at night or behind closed doors. We took a firm stand against new policy. As a result, over 70 provisions – some of them my own – were excluded from this bill – well over $100 billion worth.
NPR interviewed Camp earlier this week, “New Chairman Of House Tax Panel Seeks Spending Cuts.”