Political Quotes

“a week ago I introduced a bill to correct a flaw in the Tax Code. H.R. 1503 would allow family farmers to take advantage of the $500,000 capital gains tax break that many other Americans can take when they sell their homes. This bill expands the $500,000 capital gains tax exclusion for principal residences to cover the entire farm. Most family farmers are unable to take advantage of the capital gains tax break because they do not spend extra money investing in their principal residence, they spend it investing in their whole farm. As a result, the capital gains exclusion is of little help to farmers selling their land. It simply makes sense. Farmers should enjoy the same capital gains exclusion as other Americans. Agriculture producers are faced with many challenges these days, and we need to look at a variety of issues to improve the situation in rural America. I believe this bill begins to correct one that we can control, an inequity in the Tax Code. I ask my colleagues to join me along with the gentleman from North Dakota (Mr. Pomeroy) in supporting H.R. 1503.”