FROM THE OFFICE OF PUBLIC AFFAIRS

Today the Treasury released new data showing how the President's $1.6 trillion tax cut over ten years would yield a bumper crop of tax relief for America's farms-those taxpayers reporting either farm income or loss.

• When fully phased in (in 2006), 1.8 million farmers and their families would benefit from President Bush's tax cut package.
• Farmers and their families would receive $33.5 billion in tax relief from the President's rate cuts over ten years.
• Farmers and their families also would receive additional tax relief from repeal of the Death tax over ten years.
• President Bush's death tax elimination proposal would deliver $272 billion in tax relief over the next ten years.
• Individuals with farm assets or liabilities account for 16.3 percent of all death tax liability.
• Farm families also would benefit from the President's new FFARRM savings accounts.
• These FFARRM accounts would help families handle the fluctuations of earnings that are a fact of farm life.
• Farm families would be able to deposit tax-free up to 20 percent of their farm incomes annually.
• Then within five years they could withdraw the money as taxable income and use it to meet the needs of their families or their farms.
• FFARRM accounts would provide an additional $1 billion in tax relief over ten years.

• Tax relief will mean that farm families have more to invest in their farms, thus earning greater returns from their work and investment.
• Death tax repeal will mean farm families will save every year by not having to pay for estate planning and life insurance premiums to protect the family farm.
• Of course, farmers, like other American income taxpayers, stand to benefit from the other elements of President Bush's tax relief proposal - such as marriage penalty relief, education savings incentives, and others.