Political Quotes

“I was in a position years ago, as an attorney in Ogle County, Illinois, when a family had to sell half the 640 in order to keep the 320, just to pay the death taxes. That is not nice. That was before there was the unlimited marital deduction. To see the widow and the kids devastated by the sale of that farm, and money just to pay taxes and they had worked on that farm their entire lives. What we see is the farmers who have to have a tremendous amount of capital assets, and restaurant owners, grocery store people, people with construction companies literally can run into the millions of dollars worth of equipment in many cases to make a very modest living. They are absolutely totally devastated. Take the difference between a professional person such as an attorney. He does not need but literally a few thousand dollars' worth of equipment to get started. At the end of that person's career, the cases are picked up by other people within his office and not taxed. The firm is not taxed. Yet, for a farmer or the grocery store owner or the restaurant owner, that cannot be done because their wealth, their income, is based upon the use of assets that cost a tremendous amount of money. So we see that 80 percent of small employers have to spend costly resources to protect their families from the death tax.”