Newsline for Aug. 18, 1999

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(ELLISON) - THE AMERICAN FARM BUREAU FEDERATION PROVIDES FARM AND FOOD RELATED NEWS WRAPS FOR RADIO STATIONS AND NETWORKS.

I'M BOB ELLISON. OUR REPORT RUNS 1:08.

HERE IS A SUGGESTED LEAD: FARMERS AND OTHER SMALL BUSINESS PEOPLE PUSH FOR AN END TO ESTATE TAXES. BOB ELLISON HAS MORE.

ACTUALITIES COME FROM AMERICAN FARM BUREAU FEDERATION GOVERNMENTAL RELATIONS SPECIALIST PAT WOLFF AND MARTIN REGALIA, THE CHIEF ECONOMIST AT THE U-S CHAMBER OF COMMERCE. WOLFF IS SPELLED W-O-L-F-F.

THERE ARE TWO EXTRA ACTUALITIES FOLLOWING THE STORY. IN THE FIRST EXTRA ACTUALITY, REGALIA SAYS THE ESTATE TAX WAS DESIGNED TO DECONCENTRATE WEALTH, BUT IT HAS NOT DONE THAT. IN THE SECOND EXTRA ACTUALITY, WOLFF SAYS FARMERS KNOW WHY THEY HAVE TO PAY TAXES, BUT NOT WHY THEY ARE PENALIZED.

STAND BY, THE STORY COMES FIRST IN 3...2...1...

(ELLISON) - FARMERS AND THEIR SMALL BUSINESS ALLIES ARE ENCOURAGING CONGRESS TO KEEP PUSHING ESTATE TAX ELIMINATION. CONGRESS AND THE ADMINISTRATION ARE AT ODDS OVER TAX REDUCTION, AND ESTATE TAX ELIMINATION IS IN THE CROSSFIRE. AT A WASHINGTON PRESS CONFERENCE, THE AMERICAN FARM BUREAU'S PAT WOLFF SAYS THE ESTATE TAX HITS FARM FAMILIES HARD BECAUSE IT TAXES LAND, EQUIPMENT AND BUILDINGS.

(WOLFF) - THEY HAVE TO SELL THOSE ASSETS IN ORDER TO PAY THE ESTATE TAX AND THAT'S WHY ESTATE TAXES DESTROY FAMILY BUSINESSES.

(ELLISON) - MEANWHILE, MARTIN REGALIA WITH THE U-S CHAMBER OF COMMERCE AGREED SAYING THE ESTATE TAX PENALIZES SUCCESS.

(REGALIA) - IT'S A TAX ON ENTREPRENEURSHIP, IT'S A TAX ON HARD WORK, IT'S A TAX ON SAVINGS, IT'S A TAX ON INVESTMENT AND IT'S A TAX ON THE CREATION OF WEALTH, OF JOBS AND IT'S REALLY A TAX ON THE AMERICAN DREAM.

(ELLISON) - LATER WOLFF WAS ASKED WHY FARMERS DON'T USE ESTATE PLANNING. SHE REPLIED THAT ESTATE PLANNING IS EXPENSIVE AND TIMES ARE TOUGH IN AGRICULTURE.

(WOLFF) - IT'S HARD FOR A FARMER TO WRITE THAT CHECK TO HIS ATTORNEY WHEN HE'S NOT QUITE SURE WHERE HE IS GOING TO COME UP WITH THE CASH TO PAY HIS ELECTRIC BILL.

(ELLISON) - THE TAX BILL PASSED BY CONGRESS WOULD GRADUALLY ELIMINATE ESTATE TAXES OVER TEN YEARS. PRESIDENT CLINTON AND CONGRESS ARE STILL NEGOTIATING THE OVERALL TAX BILL.

BOB ELLISON, WASHINGTON.

STAND BY FOR THE FIRST EXTRA ACTUALITY. THE CUT RUNS 14 SECONDS IN 3...2...1...

(REGALIA) - MOST WEALTH IN THE UNITED STATES IS EARNED AND MADE AND CREATED, IT'S NOT INHERITED. THE BIGGEST PORTION OF IT IS NOT INHERITED. SO AN INHERITANCE TAX DOESN'T SMOOTH OUT THE INCOME DISTRIBUTION, IT DOESN'T REALLY BALANCE IT OFF IN ANY WAY, SHAPE OR FORM.

(ELLISON) - STAND BY FOR THE SECOND EXTRA ACTUALITY. THE CUT RUNS 16 SECONDS IN 3...2...1...

(WOLFF) - BUT WHAT THEY DON'T UNDERSTAND IS WHY THE GOVERNMENT WANTS TO PENALIZE THEM FOR BEING SUCCESSFUL. THEY DON'T UNDERSTAND WHY THE GOVERNMENT WANTS TO BANKRUPT THEIR BUSINESS, WHY THE GOVERNMENT WANTS TO PUSH FARMLAND INTO DEVELOPMENT AND TAKE AWAY THE JOBS OF THEIR CHILDREN.

(ELLISON) - THE FARM BUREAU RADIO NEWSLINE IS UPDATED EVERY MONDAY, WEDNESDAY AND FRIDAY AT 5 P.M. EASTERN TIME. THANK YOU FOR LISTENING.

This page was last modified Thu Aug 19, 1999 at 01:00 am