FEDERALhearing transcript

Hearing on the Impact of the Estate Tax on Family Businesses and Farms

Original title: THE BURDEN OF THE ESTATE TAX ON FAMILY BUSINESSES AND FARMS

January 1, 2017

estate tax small business agriculture tax policy family farms

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The Frame

What this does

This hearing serves as a formal record of testimony regarding proposed legislation to repeal the federal , which directly affects the tax liabilities and estate planning requirements for family-owned enterprises and agricultural operations.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Family-owned business owners

These individuals are subject to federal estate tax regulations and associated compliance costs when transferring assets to heirs.

Farmers and ranchers

These individuals face potential tax liabilities and planning requirements regarding the transfer of agricultural land and equipment.

What changed

Last recorded activity January 1, 2017.

What's next

Next step not available in the current record.

Summary

The House Subcommittee on Select Revenue Measures held a hearing on March 18, 2015, to examine the financial and planning burdens that the federal imposes on family-owned businesses and farms. Witnesses and committee members discussed the potential impact of the tax on the ability of families to pass their businesses and land to future generations.

Key Facts

The hearing was held on March 18, 2015, by the Subcommittee on Select Revenue Measures.
The primary subject was the 'estate tax,' referred to by some participants as the 'death tax.'
The hearing focused on the tax's impact on the continuity of family-owned businesses and farms.
Chairman Reichert expressed support for legislation to permanently repeal the estate tax.
Witnesses included representatives from Batey Farms, McKnight Ranch Co., Illco, Inc., and a law professor from Boston College.
Several industry groups submitted written statements for the record, including the American Farm Bureau Federation and the National Grocers Association.

Frequently Asked Questions

What is the purpose of this hearing?

The hearing was held to gather testimony on how the federal affects the operations and succession planning of family-owned businesses and farms.

Who testified at the hearing?

Witnesses included Brandon Whitt (Batey Farms), Robert E. McKnight (McKnight Ranch Co.), Karen Madonia (Illco, Inc.), and Professor Ray Madoff (Boston College Law School).

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Legislative push for repeal

The hearing highlights a clear effort by the subcommittee leadership in 2015 to advocate for the permanent repeal of the estate tax.

David Reichert Kevin Brady

Connected Entities

personRobert E. McKnight“Witness from McKnight Ranch Co.”Map →

personDavid Reichert“Chairman of the Subcommittee on Select Revenue Measures”Map →

personRichard Neal“Ranking member of the Subcommittee”Map →

organizationCommittee on Ways and Means“Parent committee of the subcommittee”Map →

personRay Madoff“Witness, Professor at Boston College Law School”Map →

personKevin Brady“Congressman and sponsor of legislation to repeal the estate tax”Map →

personKaren Madonia“Witness, CFO of Illco, Inc.”Map →

personBrandon Whitt“Witness from Batey Farms”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy75
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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