[Congressional Record Volume 143, Number 111 (Thursday, July 31, 1997)]
[House]
[Page H6621]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           TAX REDUCTIONS BENEFIT FARMERS, SMALL BUSINESSMEN

  (Mr. GANSKE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. GANSKE. Mr. Speaker, a week ago I participated, for a day, in the 
annual bike ride across Iowa. And as I rode my bike through those 
rolling hills of corn and beans, I could not help but think about how 
today Iowa farmers are going to be smiling.
  Why? Well, we are going to raise the exemption for death taxes to 
$1.3 million. Something important for family farmers. We are going to 
allow them to pay those death taxes in installments and extend that. We 
are going to allow family farmers to income average in order to smooth 
out the rough edges of lean years.
  We are going to increase the deductibility of health insurance for 
the self-employed farmers, small businessmen, to 100 percent. We are 
going to cut capital gains taxes, something very important to a farmer 
who defers his income to the day that he retires.
  We are going to provide favorable tax treatment for livestock sold 
when they have to get rid of their herd because of bad weather. We are 
going to retain current provisions on ethanol. And we are going to, for 
businesses that are small, reduce the AMT.
  Mr. Speaker, this is a good day for farmers and small businesses in 
small towns all across rural Iowa and America.

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