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President Clinton Expected to Veto Republican Estate Tax BillAired August 31, 2000 - 2:10 p.m. ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LOU WATERS, CNN ANCHOR: Within the next half hour, President Clinton expects to wield his veto pen against another Republican tax- cutting push.
For more about that, we go to the White House. Here's CNN's Kate Snow.
KATE SNOW, CNN CORRESPONDENT: Lou, President Clinton will bring out his pen in a ceremony in the East Room here at the White House, as you mentioned, scheduled to start less than a half an hour from now. The president will veto this Republican estate tax bill because he believes that it costs too much and that it primarily benefits the wealthy.
Now, this bill would repeal the estate tax, phasing it out over a period of the next 10 years. It would cost over those 10 years about $105 billion. The White House says the cost explodes after that, after the estate tax is completely repealed.
Already, the veto creating political waves. George W. Bush speaking this morning on his campaign plane:
(BEGIN VIDEO CLIP)
GOV. GEORGE W. BUSH (R-TX), PRESIDENTIAL CANDIDATE: I would have signed the bill.
UNIDENTIFIED REPORTER: He argues that it would help only the wealthy, not the middle...
BUSH: Course. That's the same rhetoric. It's the same rhetoric as my opponent. Our plans only help the wealthy, they claim. It's class warfare. I point to living examples who -- of people who will benefit from our plan, hard-working Americans.
SNOW: White House Press Secretary Joe Lockhart says that the bill is simply not targeted at the right people, the people who need the help. Lockhart says that more than half the benefits of this repeal, as the bill states, would go to 3,000 of the very wealthiest family businesses. They would average a tax break, each of them, of about $7 million.
(BEGIN VIDEO CLIP)
JOE LOCKHART, WHITE HOUSE PRESS SECRETARY: If Americans believe that using the surplus to give 3,000 of the most wealthy families in this country a $7 million tax break is a good deal, they ought to vote for George Bush. If they think we ought to pay down the debt, continue on the policies of the last seven years and continue our prosperity, they ought to go with Democrats, what they support, and Vice President Al Gore.
(END VIDEO CLIP)
SNOW: Lockhart says Democrats on Capitol Hill will support the White House, they'll support President Clinton on this, they will back his veto. There is an effort next week, a vote will be taken to try to override the veto, Republicans on Capitol Hill trying to make their point.
Kate Snow, CNN, live at the White House -- Lou.
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