WASHINGTON — The American Farm Bureau Federation says it concurs with a Joint Economic Committee report that details the financial harm posed by estate taxes on family businesses. The JEC, a bipartisan committee composed of members from the House and Senate, issued its report, "Costs and Consequences of the Federal Estate Tax," on July 25.
According to the report, there are extensive costs associated with the estate tax in terms of the dissolution of family businesses, slower growth of capital stock and a loss of output and income over time. This can be particularly hard on farm families, who own 98. . .