Congressman Steve King released the following statement in response to the Senate Republican Policy Committee's recent study showing the dramatic impact the increase and expansion of the death tax will have on farms in Iowa and across the country:
"This study shows that 92,856 total farms in Iowa will be impacted if the death tax is allowed to increase in 2013 as currently scheduled," said King. "Some are clearly willing to bet that this won't cripple rural communities across our nation, but I am not. We must act now to ensure that the federal government does not take more than half the value of family farms starting next year. The death tax should not come between a family who must say goodbye to a loved one, or force a family business to break up causing the physical and human capital of the business to be lost forever. I built my construction company from the ground up, and I passed that business along to my son. The American dream must be available to those who work for it, and an increase in the death tax will destroy the American dream so many have worked to build."