Helping farmers to purchase new farm equipment may be labeled as a tax cut for the rich by liberal opponents of this bill. But, because of their narrow vision and interest in partisan rhetoric they fail to acknowledge and see everyone who benefits. I can guarantee you that the benefits flow to American workers who manufactured the tractor, the truckers who shipped it, the miners who mined the raw materials, and those who work in the factory where the tires and other components are made. This tax relief package clearly is good for all Americans. With regard to estate taxes, as someone who represents Florida, I know about the loss of farm land and open spaces.
Estate taxes force too many families to sell the farmland to developers just to pay the taxes.
I have seen it time and again in my congressional district where families have been forced to sell citrus farms in order to pay estate taxes when a parent dies. This bill provides some tax relief that will help farmers and their families keep the family farm. The bill also encourages savings. We have the lowest savings rate in American history. Our bill helps Americans save money for the future.