"Missouri has more than 100,000 individual farms – the second highest number of farms of any state in the nation," Blunt, who serves as Ranking Member of the Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, observed.
“It’s time that the government understands that death should not be a taxable event,” he said. “The death tax is a devastating blow to farmers, ranchers, and small businesses who are trying to transition from one generation to the next. It also disproportionately hurts states like Missouri, which relies heavily on agriculture revenue.”
Individuals, partnerships, and family corporations own 98 percent of the nation’s 2.2 million farms and ranches. These families – representing less than 2 percent of the U.S. population – raise approximately 92 percent of the food and fiber produced in America.
The Thune/Blunt death tax repeal amendment was also co-sponsored by Republican U.S. Senators Marco Rubio (FL), Pat Roberts (KS) and Dean Heller (NV).