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March 1, 1999

Vol. 78, No. 9

Death tax: a young farmer's view

Farmers and ranchers who dream of passing their family businesses on to future generations already know what a devastating blow the death tax can be to their pocketbook and their heritage. Convincing Congress to eliminate this burdensome tax, however, is another story--one that is best told by the people for whom the end of a life could also mean the end of a family's livelihood.

fowlerpg1 Keith Fowler, a 35-year-old farmer from Weakley County, Tenn., came to Washington, D.C., last week with his wife, Linda, to share with lawmakers and others just why the death tax deserves to die. Fowler is a fourth-generation farmer who produces 3,700 acres of corn, wheat and soybeans with his father and operates a large hog operation with his father-in-law.

Fowler said that many people mistakenly believe that the elimination of estate taxes is simply a tax break for the wealthy.

"The death tax does not only touch the rich. More and more middle-income American farmers like myself are

Keith Fowler

affected by inheritance taxes," said Fowler. "Some might consider our operation large, but nowadays in agriculture to be competitive, this size operation is needed. And the dollar amounts of the assets of these operations easily exceed the exemptions that are now in place."

The young farmer explained that with both his parents and his in-laws making their living from agriculture, "the reality of estate taxes affecting our family operations hit very close to home." And planning ahead is not always enough.

"The key is for a parent to start planning early and to live long enough to see that that plan is carried out," Fowler said. "If both of those things don't happen, then tough choices will have to be made about which assets will have to be sold to satisfy inheritance taxes.

"And then the question is, can these farms--which my parents and my wife's parents spent all their lives building--can they continue to be operated by my generation. And will they be weakened so much that they will no longer be competitive."

Fowler, a father of three, is uncertain whether his children will have the privilege of continuing the family business, but says it is "important for me to try to ensure that they do have that option."

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