An argument for repealing the U.S. estate tax is coming from owners of family farms and their family members. One family farmer made a plea against the estate tax while the bill to repeal it was being considered by the House Ways and Means Committee. The farmer shared his story of his father-in-law having to sell portions of his farm to cover the estate tax bill he faced after inheriting the family farm. According to the farmer, he could be put in the same situation in the future. Family farms make up 97% of U.S. farms and two-thirds of farms are owned by individuals age 55 and older.
See Mark Koba, Is the Death Tax Killing American Family Farms?, Fortune, Apr. 13, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
