The Leader Board
Jul 25 2012
Will Dem Senators Support A Death Tax Hike Despite Acknowledging It Would 'Hurt Family Farmers' And Promising 'There Is No Way' They'd Do It?
Senate Dem Estate Tax Plan 'Troublesome For Farmers'
FARM BUREAU: "Estate taxes are especially troublesome for farmers and ranchers. [The Reid Proposal] fails to provide any estate tax relief which would allow a $1 million per person exemption and 55 percent top rate to be reinstated on Jan. 1, 2013. A $1 million exemption is not high enough to protect a typical farm or ranch able to support a family from estate taxes…" (Letter To U.S. Senators, American Farm Bureau Federation, 7/24/12)
Dem Vow To Farmers: 'There Is No Way, No Way'
NORTH CAROLINA FARMERS: "…would have a devastating impact on farms and ranches in North Carolina and the Nation. This reversion… has the great potential to eliminate a generation of aspiring farmers from continuing the family farming operation." (Letter To Sen. Hagan, North Carolina Farm Bureau Federation, 7/24/12)
- SEN. KAY HAGAN (D-NC): "Sen. Kay Hagan spoke to the North Carolina Farm Bureau meeting in Greensboro. … 'I understand the issue with the estate tax. I know that it affects you tremendously,' Hagan told the crowd. 'I am definitely concerned about this and there is no way, no way we can let that estate tax revert back to $1 million (starting) next year.'" ("Hagan Gets Her Wish On The Estate Tax," Greensboro News And Record, 12/6/10)
MISSOURI FARMERS: "…exemption is not high enough to protect a typical farm or ranch from estate taxes considering land values and the cost of machinery, equipment and farm buildings. Two years ago we shared with you the stories of two Missouri farm families—one frustrated with estate planning because of ever-changing laws and another struggling to pay inheritance taxes to the Internal Revenue Service. We are certain there are more families just like them..." (Letter To Sen. McCaskill, Missouri Farm Bureau Federation, 7/24/12)
- SEN. CLAIRE McCASKILL (D-MO): "Estate tax issue draws local input … McCaskill said today in a written statement. 'I support extending the current exemption so that we don't hurt family farmers.'" ("Estate Tax Issue Draws Local Input," Columbia Daily Tribune, 6/7/06)
PENNSYLVANIA FARMERS: "This not only can cripple a farm operation, but also hurts the rural communities and businesses that agriculture supports. Estate taxes hit family-owned farm operations especially hard because of the illiquid nature of farm and ranch business property." (Letter, Pennsylvania Farm Bureau, 7/24/12)
- SEN. BOB CASEY (D-PA): "…on the estate tax: If we set the general estate tax exemption level at $3.5 million for an individual, 7 million for a couple, maybe even carve out a $5 million exemption for family farms and businesses, you could get a savings just on that alone of $300 billion over 10 years." (NBC's "Meet The Press," 9/3/06)
- "Democrat Bob Casey, who is running for a second term in U.S. Senate for Pennsylvania, says he hasn't decided whether to go along with President Barack Obama and Democratic leaders on a plan to allow tax rates to rise…" ("Casey Doesn't Embrace Obama's Plan On Tax Rates," The Associated Press, 7/20/12)
FLORIDA FARMERS: "This will have a devastating impact on Florida farms and ranches … the Estate Tax would often result in farms being closed, land being sold and businesses being lost." (Letter, Florida Farm Bureau Federation, 7/24/12)
- SEN. BILL NELSON (D-FL): "…with regard to the inheritance tax, I have always been in favor of eliminating this tax. I voted for a significant reduction in 1981 and for a modification in 1986. To me the inheritance tax represents a double tax. People have paid taxes as they have accumulated their assets during their lives. And I think we ought to pass that on to their families and to their loved ones without most of it being eaten up by the government." ("Differences Wide As Candidates Take Stands; Bill Nelson," The Ledger [Lakeland, FL], 11/3/00)
- "Senate Democratic leaders are worried about potential defections within their caucus on taxes. … Sen. Bill Nelson (D-Fla.)." ("Reid Rejects GOP Request To Vote On Obama's Tax Plan," The Hill, 7/11/12)
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