On the recordMarch 22, 2013
Mr. President, this amendment will create a deficit- neutral reserve fund to completely--completely--eliminate the Federal estate tax burden that is facing America's family farmers and small businesses. There are lots of reasons to support elimination of this destructive and inefficient tax, but for me the issue comes down to being able to tell the farmers and ranchers I represent that I am doing everything I can to make sure they can pass on their family farm to the next generation without a double tax imposed from Washington, DC. Behind me is a chart. This is data selected from the latest Agriculture Department report on farmland values. Farmers in the States represented on this chart truly are land rich and cash poor. These farmers literally have to sell off land or spend large sums in financial planning solely because of the estate tax--all of that to bring in less than one-half of 1 percent of all Federal revenue. Next year the estate tax will generate $15 billion--that is all-- relative to all the harm that it causes to farms, ranches, and small businesses in this country. It is time to end this tax. It is time to put a stake through the heart of this tax. I ask my colleagues to support the repeal with this amendment. The PRESIDING OFFICER. The Senator's time has expired. Who yields time in opposition?
