Aug 03 2006

SHELBY DISSAPOINTED BY SENATE FAILURE TO PASS THE FAMILY PROSPERITY ACT

U.S. Senator Richard Shelby (R-AL) today announced that the Senate failed to invoke cloture of The Family Prosperity Act, which would reform the estate tax, extend several important tax credits, and increase the minimum wage. 

The Senator’s remarks on the bill are below:

“I am disappointed that the Senate was unable to successfully move forward on the Family Prosperity Act.  I believe this legislation is a great example of Congress working in the best interest of our nation,” said Senator Shelby.  “Unfortunately, the Democrats in the Senate prefer obstruction over meaningful reform of the tax code and positive steps for the middle class. While this legislation provided for an increase in the federal minimum wage, it also included a number of tax credit extensions important to families, teachers and small businesses, as well as permanent death tax reform.” 

“The death tax is among the most egregious and punitive taxes on the books,” said Senator Shelby.  “While I am a strong proponent of full repeal of the death tax, I believe the compromise solution provided for in this bill represented significant – and permanent – progress.    Too often, I hear of sons and daughters forced to sell the family farm or business just to pay this outrageous tax.  Meaningful death tax reform would have provided significant tax relief for families and small business owners.”   

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