AFBF'S STALLMAN: SENATE 'MISSED AN OPPORTUNITY' ON DEATH TAX
WASHINGTON, D.C. -- American Farm Bureau Federation President Bob Stallman says the Senate's failure to permanently repeal the death tax is a "missed opportunity."
"While it is heartening that a majority of senators see that the death tax needs to die, we are disappointed that legislation to fully and permanently repeal the death tax will not get a vote this year in the Senate," Stallman said in a release from the AFBF.
Senators voted 57-41 Thursday to reject a Republican effort to abolish taxes on inherited estates. GOP leaders had pushed senators to permanently eliminate the estate tax, which disappears in 2010 under President Bush's first tax cut, but rears up again a year later.
"The Senate today missed an opportunity to support family farmers and natural resource conservation," said Stallman. "Death should not be a taxable event, and farm heirs should not have to sell land, buildings and equipment to pay this unfair tax, which can be almost half of the value of the estate.
"Families own 99 percent of America's farms, and the death tax is a threat to those family farms. Repealing the tax is one of Farm Bureau's top priorities. We'll keep fighting to ensure that farmers and ranchers can pass on their operations to their children."