Farm Bureau Wants Death Tax Killed, Stepped-Up Basis Retained WASHINGTON, D.C. America’s farmers and ranchers applaud congressional efforts to abolish the onerous federal estate tax. But efforts to reform the “death tax” must not lead to new capital gains taxes for farm ers and ranchers, according to the American Farm Bureau Federation. •If an important provision known as “stepped-up basis” is not retained in death tax reform legislation, it would force a Feel Great! 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Do You mat • Fairly priced loans with no tricky interest ‘The ‘Ephrata Optional ‘Ban^ WITH FIVE LOCATIONS TO SERVE YOU www ephratanationalbank com family member to pay a steep capital gains taxes on an inher ited farm. A farmer’s ability to pass the family farm on to the next generation would be jeop ardized, according to AFBF President Bob Stallman. In a letter to House Ways and Means Committee Chairman Bill Archer (R-Texas), Stallman stated that if stepped-up basis is not included, ‘considerable harm will be inflicted” on farm families, “the very group often Gerald & Margie Jones 75 Goodyear Rd. f Carlisle, PA 17013 Toll Free-888-788-5572 HO To Order Call or Write DISTRIBUTORS WANTED Ask about our other products available rer I mc ® Gt {OUU MBM LENDER cited as the reason for repealing death taxes.” Stallman praised Archer’s leadership in announcing plans to mark up freestanding death tax repeal legislation later this month, with a floor vote possibly occurring in June. “With more than half the House co-sponsoring H.R. 8 the Death Tax Elimination Act your announcement of a death tax vote this spring is well timed,” Stallman’s letter stated. Agricultural Generators tomal L.P. Gas, Dlesel7^\ Natural Gas Generators 5 to 2,000 KW Service - Rental - New & Used Units In Stock JVEjNfl^syJfTMws Power Generation Systems Specialists Call Leonard Martin 7PERMAN MFG. CORP. WELL BALANCED, RUGGEDLY BUILT FOR 380 SERIES . PORTABLE ELEVATORS A Versatile Economical Elevator For Bales and Ear Com A l ull Line Of efficient belt drive fans Exhaust Fan w/Housing & Shutter 36” & 48” Portable |HHPPPf 24”, 30”, 36”, 48” Circulating Fans RT and FRT Series Trailers Aval We Also Build Other Models, Sizes, “We support H.R. 8 because it is a straightforward, logical ap proach to eliminating death taxes.” Stallman asked Archer to abandon a flawed provision from last year’s death tax reform measure that would have eliminated stepped-up basis. “Elimination of the stepped up basis would impose a new, potentially huge capital gains tax on farmers and ranchers,” Stallman stated. “We are un conditionally opposed to the cre ation of any new tax, in particular to a tax code change that will increase (new) capital gains taxes on farmers and ranchers.” Stallman’s letter explained 330 Fonderwhite Road, Lebanon, PA 17042 Lancaster Farming, Saturday, May 27, 2000-A33 that the paramount reason tor repealing death taxes is to allow family farms and ranches to transfer to the next generation. Higher capital gains taxes caused by the loss of stepped-up basis would jeopardize those transfers. “Farmers generally do not leave their operations to just one individual, but rather divide their assets (among) their chil dren,” Stallman stated. “This means that (family members) who want to continue farming must buy out their nonfarming siblings. Higher capital gains taxes will make it more difficult for this to occur, producing the same result as death taxes, the destruction of family farms.” Generators 25 to 135 KW Units In Stock! 717-273-4544 Fax 717-273-5186 125 King Court/ Hollander Rd. New Holland, PA 17557 (717) 354-9611 MANY YEARS OF TROUBLE FREE SERVICE lilable In 5000# thru 12,000# GVW. and Capacities. Call For Information
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