Third Congressional District, Indiana 2352 Rayburn Building Washington,D.C. 20515 202-225-3915

FOR IMMEDIATE RELEASE CONTACT: Chris Mehl September 7, 2000 106-225

WASHINGTON, D.C. - U.S. Rep. Tim Roemer today joined a bipartisan majority in the House of Representatives in an attempt to override the President's veto of legislation to abolish the estate tax. The vetoed measure, also known as the "Death Tax," would repeal inheritance taxes over the next ten years.

Roemer was one of 53 Democrats to support the attempted veto override. The final House tally, 273 to 157, failed to gain the required two-thirds majority vote to override the veto.

"Families should not face losing their farm or small business because they have to pay steep inheritance taxes," said Roemer. "Hoosiers that work hard, pay taxes, and build up a business should not be taxed again when a loved one dies."

The federal estate tax is imposed on certain transfers of assets from the deceased to heirs at the time of death. The rate, ranging from 18 percent to 55 percent, generally applies to assets of more than $675,000 for individuals and $1.3 million for small businesses or family farms.

The measure would repeal the estate tax gradually from 2001 through 2010. After repeal, couples would be allowed to inherit up to $3 million without paying capital gains taxes.

Roemer voted in June for the estate tax repeal when it originally passed the House. Prior to this year, Roemer has voted for four straight years to expand the exemption for families, farmers, and small businesses from estate taxes.

Roemer, who has never voted for a legislation to increase taxes, has consistently supported tax reform efforts, including a measure approved by the House in April that would increase privacy protections for taxpayer records. Roemer also supports a constitutional amendment that would require a two-thirds supermajority vote for Congress to raise taxes.

Earlier this year, the House also overwhelmingly passed bipartisan legislation to eliminate the "marriage penalty" and to end the Social Security earnings limit. Roemer is an original sponsor of both measures.