Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
The Ag Minute: Congress Must Act to Permanently Repeal the Death Tax
Tamara Hinton (202) 225-0184
WASHINGTON – This week during The Ag Minute, Ranking Member Frank Lucas highlights how important it is to our farmers and ranchers that Congress act to permanently repeal the estate tax.
Click here to listen to The Ag Minute. The transcript is below.
"Farmers work their entire lives acquiring assets such as land and equipment for their operations. However, if Congress doesn't act on permanently repealing the estate tax our farmers can expect the taxman to take it all away when they die.
"Estate taxes threaten family owned farms and ranches and the livelihoods of those who provide our country and the world with a safe and abundant food supply. Family-operated businesses produce 86 percent of U.S. agricultural products.
"In 2010, we will have finally eliminated the estate tax. But, without action by the Democratic majority in Congress and the President, farmers and ranchers can expect this burdensome tax to return.
"This time it will be on all estates over $1 million at a 55 percent tax rate, which would be devastating to our American farmers, ranchers and small businesses. It would force many of them to sell their farms to satisfy the IRS.
"Congress must act to permanently repeal the estate tax."
The Ag Minute is Ranking Member Lucas' weekly radio address that is released each Tuesday from the House Agriculture Committee Republicans.