emery at MARION.ULTRANET.COM
Mon Feb 19 12:03:42 MST 1996
For Immediate Release: July 11, 1995
Buchanan: "I will preserve family farms and businesses"
"Confiscatory Inheritance Taxes are Un-American"
Des Moines, Iowa -- In a press conference here this
morning, Republican Presidential candidate Patrick J.
Buchanan declared that the inheritance tax on family farms
and small businesses is "un-Arnerican. unjust and
anti-family." "If I am elected President," he said. "I
will do everything in my power to abolish it and preserve
family farms and businesses."
"One of the first things Bill Clinton did as President."
Mr Buchanan said, "was to retroactively increase the
inheritance tax on American families. I believe Mr.
Clinton's ex post facto tax increase was unjust and
unconstitutional. When I get to the Oval Office, I won't
simply reverse it -- I will outright abolish inheritance
taxes for small businesses and family farms.
"The confiscatory inheritance tax now imposed on American
family farms and small businesses is un-American. It is a
dagger blow at the very heart of the American dream.
"The pioneers who came west and settled the rolling plains
of Iowa pursued the great American dream of property
ownership. They built up a great country because they
wanted their children and their grandchildren to live in a
great country. But now the socialist spirit of Big
Government in Washington is imperiling the pioneering
spirit of the American heartland -- the spirit of free
enterprise and private property.
"When farm families work all their lives to save, purchase
land, improve it, earn their keep from it, and raise up
their children on it, they have a moral right to hand it
on to the next generation. When a small businessman or
woman struggles and saves, risks everything he or she has,
to build up a successful business, and then strives to
bring up a child with the work ethic and skills to take
over that business, the government has no right to step in
and crush that hope under the burden of confiscatory
"As President, I will preserve family farms and small
businesses from the greedy hands of government.
"That is why I would abolish the federal inheritance tax
on family farms and small businesses by increasing the
standard exemption on estates to $5 million and imposing a
flat 20% tax rate above that level. We need a new tax
system that encourages lifelong saving and enterprise and
that rewards, rather than punishes, the traditional
family. Because it does just that, my plan to abolish the
inheritance tax for family farms and small businesses is a
down payment on Restoring the American Dream."
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