Agricultural News
American Farm Bureau Praises House Passage of the Death Tax Repeal Act of 2015
Thu, 16 Apr 2015 14:43:51 CDT
Statement by Bob Stallman, President,
American Farm Bureau Federation,
Regarding the Death Tax Repeal Act of 2015
"Farmers and ranchers need tax laws that protect their family businesses. They don't want to be punished for their success. With House passage of the Death Tax Repeal Act of 2015, we are one step closer to tax reform that will help farm families invest in the future and pass their businesses on to the next generation.
"Farmers' and ranchers' assets are tied up in the land, not sitting in a bank. And farm families certainly don't have cash on hand to pay a double tax at death. This leaves many surviving family members with few options other than selling off part or all of their land to pay estate taxes. Too often, cashing in these assets can cripple their business.
"Previous congressional action to increase the exemption provided important relief, but estate taxes still weigh on many farm families. Some must slow growth to remain exempt. We need tax policies that help capital-intensive businesses like farms and ranches, and that don't stand in the way of sons and daughters ready to follow the agricultural legacy of their parents."
WebReadyTM Powered by WireReady® NSI
Top Agricultural News
More Headlines...
