Statement by Bob Stallman, President, American Farm Bureau Federation, Regarding Introduction of Estate Tax Bill H.R. 1259 WASHINGTON, D.C., March 31, 2011 – “The American Farm Bureau Federation supports new estate tax legislation by Rep. Kevin Brady (R-Texas) and Rep. Mike Ross (D-Ark.). The bill, H.R. 1259, would relieve farmers and ranchers from the financial drain of estate tax planning and prevent the damage caused to farms and ranches when a family member dies. “Estate taxes continue to be a problem for U.S. farm and ranch families who own 98 percent of our nation’s 2 million agricultural operations. These family-owned businesses generate the vast majority of the food for our country. When estate taxes on an agricultural business exceed the operations’ cash and liquid assets, the tax can cripple a family-owned farm or ranch and hurt the rural communities and businesses that agriculture supports. “The on-again-off-again nature of estate tax law makes it difficult, if not impossible, for farmers and ranchers to engage in planning for the transfer of a family business from one generation to the next. There is a real need for permanent estate tax elimination and H.R. 1259 sends that message loud and clear.” Source: www.fb.org
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