This year marks our fourth annual agriculture tour of Missouri's 7th Congressional District. From my days growing up raising Polled Herefords I have witnessed firsthand the vital role that agriculture played and continues to play in our economy. My staff and I put together a great tour once again this year.
Our office continues to hear from many farmers regarding how federal regulations have continuously played a heavy role in directing the path of their businesses. Livestock and livestock products are responsible for a little over half of Missouri's agriculture production, which makes it important to ensure that these businesses can progress and thrive without government regulation.
Oftentimes, farmers are operating on farms that have been in their families for several generations. I understand that farmers and their families are proud and protective of their heritage and land. President Obama proposed a budget that would raise the estate tax to 45 percent and will cost taxpayers $143 billion in one year. The estate tax, also known as the death tax, punishes investment by gutting family-owned small businesses of their capital in order to pay the tax. I ran a small business for 30 years and understand how most taxes can harm our businesses. I will continue to fight to eliminate this tax entirely. Abolishing the estate tax is the only way to ensure that small businesses and family farms can be passed from generation to generation as they traditionally always have been. That is why I cosponsored the Death Tax Repeal Act (H.R. 2429) which would permanently repeal the estate and transfer taxes. It would also permanently set the gift tax rate at 35 percent with a $5 million lifetime gift tax exemption, tied to inflation.
Earlier this year, Congress passed H.R. 2642, the Agriculture Act of 2014, and was signed into law by the president. This bill reforms agriculture programs by repealing direct payments, strengthening risk management and crop insurance, providing permanent livestock disaster assistance, and reforming dairy policy by offering producers a new, voluntary margin protection program.
I always enjoy the annual agriculture tour and look forward to seeing the progress that Missouri farmers and ranchers have made over the year. I am proud that Missouri continues to stand as a leading state in the production of beef cattle, hogs, and turkey while providing such a strong economic role for the 7th District.
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