Karen Thurman: “Over the years, Mr. Speaker, all of us have heard from small business owners and family farmers who want to pass on to…”

“Over the years, Mr. Speaker, all of us have heard from small business owners and family farmers who want to pass on to their descendents the fruits of their labor, and I empathize with them. And I have worked, as many of us have, to have estate tax relief for them. Particularly, and most noted, was the Taxpayer Relief Act of 1997. The law specifically helps owners of small businesses and family farmers. But like many of my colleagues, I want to provide more help to those involved in family farms or small businesses. So this year, once again, I would like to support a fiscally responsible alternative that focuses estate tax relief where it is needed. The alternative would cut estate tax 20 percent across the board, reducing the maximum rate to 44 percent. The proposal would provide a transferable $2 million exclusion for farms and small businesses. That means a married couple with a farm or a small business would receive a $4 million estate tax exclusion. Mr. Speaker, I urge my colleagues, especially those in agriculture, to see what the alternative means for them.”