U.S.
Senator Member: Finance, Agriculture, Energy, Ethics and Aging Committees |
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For Immediate
Release Thursday , March 13, 2008 |
CONTACT:Stephanie Valencia – 202-494-8790 |
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Sen. Salazar Will Continue to Work Towards Meaningful, Permanent Estate Tax Reform
WASHINGTON, DC
– Today, the United States Senate failed to adopt Senator Salazar’s
amendment
to the Senate Budget Resolution to create a deficit-neutral reserve
fund dedicated to estate tax relief for family farmers and ranchers
and small business owners. This reserve fund would have provided sufficient
funds to accommodate a range of different reform options, including
a proposal to raise the estate tax exemption to $5 million (indexed
for inflation) and lower the tax rate to 35 percent. The amendment would
have given Congress sufficient flexibility to continue to examine how
to move forward with permanent, comprehensive, and fiscally responsible
estate tax reform. “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. I remain committed to working with my colleagues on the Senate Finance Committee and in the full Senate to find a pathway to permanent estate tax reform that will provide important relief to our family farmers, ranchers and small businesses.” Yesterday, Senator Salazar attended a hearing before the Senate Finance Committee on estate tax reform. It was the second estate tax hearing the Finance Committee has held on the issue and a third hearing is expected 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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