Renee L. Ellmers: “I thank my colleague for allowing me to speak on this very important issue today. I rise today in support of H.R. 8…”

“I thank my colleague for allowing me to speak on this very important issue today. I rise today in support of H.R. 8, which will ensure that we will not raise taxes on our Nation's job creators and harm our recovery. Madam Speaker, I would like to speak about one sector of the economy that will be the greatest harmed, and that is our farmers. Our farmers provide for our Nation and deserve our gratitude and protection from unnecessary harm. In my district, thousands of farmers and their families wait in fear that their homes and businesses will be destroyed by the devastating tax increases on the horizon. And yes, I am including the inheritance tax, or the estate tax, or, which I like to refer to as, the ``death tax,'' which I think, all in all, needs to be repealed in full. Let's just talk today about what will happen if we do not pass H.R. 8. Our farmers will be forced to lay off workers, and they will be forced to sell off equipment and land because that is where their investment is. They will not be able to pass along to their families the accomplishments that they and their ancestors put forward because most farms are family-owned businesses. What I am speaking of is the inheritance tax going up. It will increase to--total asset income of $1 million, increase to 55 percent, currently at $5 million at 35 percent. You can see that that would be devastating. As Steve Mitchell of Mitchell Farms in my district noted: It will be very hard for our son to carry on.…”