I cannot match the eloquence of the folks down here. Yesterday, some interest groups took opposition with my support of the death tax. One of the comments was made, well, only one in 20 farms actually have to be sold. And my point to them was, well, obviously it is not your farm. If there is one in 20 farms, which we know is not a good measure, it is definitely not their farm that has to get sold, and we can give countless cases in the 20th District of Illinois of farms being sold. I have one in Christian County that was just devastating, but I would like to talk especially about the agricultural economy as was addressed by my colleague from Pennsylvania, the compliance costs, because we know that we are in one of the lowest periods of commodity prices since the Depression. Part of farm income, income on the balance and income statement, you have revenue and you have expenses. Well, people fail to understand the compliance cost to save the farm from the death tax is an added cost of doing business, which in these low commodity prices makes it very, very difficult to make ends meet.
On the recordApril 3, 2001
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govinfo.govEditor's note · Context
Discussing the impact of the death tax on farms and the agricultural economy.
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