Amy Klobuchar: “the average farmer in my State makes $54,000 a year. I think you see family farmers like that all across this country.…”

“the average farmer in my State makes $54,000 a year. I think you see family farmers like that all across this country. That is what this amendment is about. There has been debate about Scottie Pippen and all these people. The USDA has looked at this, the Government has looked at this, and this would save about $355 million. Where is that $355 million coming from? It is coming from full-time farmers who are grossing $750,000 or more, into the millions a year, and part-time farm investors who are making over $250,000 a year. That is where this is coming from. There has been discussion, which I think is smoke and mirrors, about expenses. Let me make clear, farmers can deduct their operating expenses such as seed, fertilizer, fuel, and labor from their adjusted gross income. When it comes to investment in buildings and equipment, these are capital expenses, and they depreciate over time. That depreciation is deductible. When it comes to land, it works like it does a home mortgage. Your interest is deductible, but your land is something you have that you get value from. When it comes to rented land, the rental cost of the land is fully deductible from adjusted gross income. I didn't come up with these laws. They are in the Tax Code. They are the law. What this is about is making sure we have some real reform. Because if we don't do it in the farm States, it is going to happen to us. I have said this before, and I truly believe it will happen.”