[Page: H4125]
---

   (Mr. KNOLLENBERG asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

   Mr. KNOLLENBERG. Mr. Speaker, I rise today in support of the repeal of the death tax. I am a proud cosponsor of this legislation, and have been since I came here some 8 years ago.

   Under the guise of making the rich pay their fair share, the death tax discourages savings and investment and has a negative impact on the entire economy. Ironically, those that are most affected by the death tax are not the wealthy. They have the resources to shelter assets. But family-owned businesses, which are often asset-rich and cash poor, cannot meet those requirements.

   The death tax hits these businesses especially hard when the owner passes away. The result is that many family-owned businesses cannot survive in the family. Even prior to death, the death tax impacts many businesses, forcing the owners to divert money from productive uses, such as capital investment and job creation, to, guess what, estate tax planning.

   So for those who are out there who would vote against the death tax repeal, please think again. They are not hurting the wealthy, they are hurting the little guy.

END