Last week in the U.S. Senate, Democrats voted to block an amendment proposed by Senators John Thune and Roy Blunt to eliminate the estate tax on farms, ranches and businesses. KSMU’s Theresa Bettmann has this update.
The Republican senator from Missouri says the Show-Me State has the second highest number of farms in the nation. He adds that farms, partnerships and corporations own 98 percent of the nation’s 2.2 million farms, contributing to 92 percent of the food and fiber produced in America. Blunt says the estate tax is a devastating financial blow to them.
Senator Blunt said in a statement, “While the fiscal cliff package that Congress passed at the beginning of the year ensures the vast majority of Missouri’s farm families and small businesses will not face the unfair death tax, I will continue fighting to repeal this onerous tax in its entirety. It’s time that the government understands that death should not be a taxable event."
KSMU attempted to reach out to Democratic Senator McCaskill’s office for comment, but did not receive a response by press time.
For KSMU News, I’m Theresa Bettmann.