Dick Lugar: “I am pleased to introduce on behalf of myself and Senators Hagel, Helms and Roberts a package of legislation intended to…”

“I am pleased to introduce on behalf of myself and Senators Hagel, Helms and Roberts a package of legislation intended to minimize or eliminate the burden that estate and gift taxes place on our economy. The estate tax hinders entrepreneurial activity and job creation in many sectors of our economy. Despite the fact that my bills would help all Americans who face this onerous tax, I come to the estate tax debate because of my interest in American agriculture. As Chairman of the Senate Agriculture Committee, I have held hearings on the impact of the estate tax on farmers and ranchers. The effects of inheritance taxes are fare reaching in the agricultural community. Citing personal experiences, witnesses described how the estate tax discourages savings, capital investment and job formation. One such story came from a Hoosier, Mr. Woody Barton. He is a fifth generation tree farmer living in the house his great grandparents built in 1885. I visited his 300 acres of forested property last October and can attest to its beauty. Typical of many farmers, Mr. Barton is over 65 years old and wants to leave this legacy to his four children. But he fears that the estate tax may cause his children to strip the timber and then sell the land in order to pay the estate tax bill.”