Political Quotes

“I rise today on behalf of myself and Senators Crapo, Udall of Colorado, Bennet of Colorado, and Boxer, to introduce legislation that will help preserve the great tradition of the American family farm. Our legislation is called the Family Farm Estate Tax Deferral Act. It is designed to prevent the unintended consequences of the estate tax's disproportionate impact on family farms, by providing relief to families who want to continue their family farming and ranching operations. This is especially important in California, where high unemployment has devastated many of our state's agricultural communities. Specifically, this legislation would allow qualifying family operated farms and ranches to defer estate taxes if the farm-related income of the decedent in the three years prior to death does not exceed $750,000 annually, and the non-farm related income does not exceed $500,000 per year; the farm is passed down to a family member who has been materially engaged in its management and operations for at least 5 years; the farm generated more than 50 percent of the farm owner's income, or comprised more than 50 percent of the farm owner's estate at the time of death; the farm was owned by the decedent for at least 5 years and is located within the United States. The family member inheriting the estate continues to use the land for farming purposes; and, at the time of his or her death, the decedent associated with the estate was a U.S.…”