Frist comments on House passage of Pension and Death Tax Legislation

U.S. Senate Majority Leader Bill Frist, M.D., (R-Tenn.) made the following statement after House passage of the Pensions Protection Act of 2006 (H.R 4) and the Estate Tax and Extension of Tax Relief Act of 2006 (H.R. 5970) legislation: “I want to thank conference Chairman Enzi and Finance Chairman Grassley, along with their minority counterparts and House conferees, for working hard to address the pensions issue before the recess.  I had hoped the conference would conclude under their leadership in addressing important retirement security issues, to reflect a bicameral, bipartisan consensus.  That did not occur, and I admire their fortitude throughout this long process. “Next week the Senate will test whether or not there is enough support among its members to reform the unfair tax death – and I will back such reform.  That bill will also contain additional tax and other policy changes that address pressing public policy issues.  Because the Senate rejected killing the death tax earlier this year, this vote will represent the last best hope for Americans, who deserve a tax system that does not punish success by imposing overwhelming and crushing taxes when someone dies.  After all, death should not be a taxable event. “As well, the Senate will vote on legislation which solves a variety of problems that have threatened the retirement security of millions of Americans. People have saved their pensions for their future, and as the economy continues to change in the 21st century, our pension laws need to continuously improve so that retirement security isn’t under assault. These provisions reflect intense and robust bipartisan, bicameral, negotiation, and they must clear the Senate and reach the President without any changes.”