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U.S.
Senator Member: Finance, Agriculture, Energy, Ethics and Aging Committees |
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For Immediate
Release Wednesday , March 12, 2008 |
CONTACT:Stephanie Valencia – 202-494-8790 |
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Sen. Salazar Pushes Serious Estate Tax Reform in Budget Resolution
WASHINGTON, DC – In an effort to provide estate tax relief to family farmers and ranchers and small business owners, United States Senator Ken Salazar introduced amendment number 4196 to the Senate Budget resolution today to create a deficit-neutral reserve fund dedicated to estate tax relief. This reserve fund will provide sufficient funds to accommodate a proposal to raise the estate tax exemption to $5 million (indexed for inflation) and lower the tax rate to 35 percent, but would allow Congress sufficient flexibility to continue to examine how to move forward with permanent, comprehensive, and fiscally responsible estate tax reform. Senator Salazar also announced
his support today for an amendment offered by Senator Max Baucus (D-MT)
that, among other things, prevents an increase in the estate tax by
permanently extending 2009 estate tax law. Earlier today, Senator Salazar attended a hearing of the Senate Finance Committee on estate tax reform. Regarding that hearing, Senator Salazar said, “There are many options available to us as we consider estate tax reform and we should continue to work our way through the process to identify the most appropriate way to move forward on a bipartisan basis.” This morning’s hearing was the second estate tax hearing the Finance Committee has held on the issue. A third hearing will be held in early April. Senator Salazar has long
been working to provide estate tax relief to family farmers and ranchers
and small businesses. Last year, Senator Salazar and Senator Pat Roberts
(R-KS) introduced the Family
Farm and Ranch Act of 2007, which grants an estate tax exemption
for family farms and ranches that stay in the family and continue operations
after the original estate-holder passes away. ###
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