FOR IMMEDIATE RELEASE
March 13, 2000
CONTACT: Lisette McSoud Mondello
SENATOR HUTCHISON ADDRESSES 123RD ANNUAL
TEXAS & SOUTHWEST CATTLE RAISERS' CONVENTION
Restates Pledge to Preserve Texas Homestead Bankruptcy Exemption;
Supports Trade with China
HOUSTON, TX -- Senator Kay Bailey Hutchison today addressed the Texas and Southwest Cattle Raisers'123rd annual convention, briefing attendees on her legislative agenda. It includes the elimination of the inheritance tax, establishing Farm and Ranch Risk Management (FARRM) Accounts, preserving the Texas Homestead Exemption, and promoting U.S. farm exports.
"American livestock producers are the most competitive in the world and we must pry open foreign markets," said Senator Hutchison.
The Senator stressed the importance of passing Permanent Normal Trade Relations with China and bringing that huge market into the World Trade Organization. "Increasing trade with China, coupled with reform of our sanctions policy, will go a long way toward fulfilling our commitment to expand overseas markets for our agriculture products," said Senator Hutchison.
Senator Hutchison also addressed bankruptcy reform legislation pending before Congress. Vowing to continue her effort to preserve the Texas Homestead Exemption, Senator Hutchison said that the Senate broke a 130-year precedent when it voted to eliminate the states' right to determine homestead exemptions. Senator Hutchison believes this is a matter that should be decided by Texans, not the federal government. "I will use every legislative tool available to prevent this bill from becoming law if it undermines the Texas Constitution," said Senator Hutchison.
Senator Hutchison also noted that she will again lead the fight to eliminate the unfair marriage penalty tax and abolish the inheritance tax. Estate taxes due at death often force the sale of family farms and ranches rather than allowing the next generation to continue the family business.
"The American dream for over 200 years has been that you could come to this country, you could work hard, and you could give your children a better chance than you had," said Senator Hutchison. "Death taxes often destroy the ability of hardworking families to continue this dream."
Among several tax provisions aimed at agriculture, Senator Hutchison has championed the establishment of Farm and Ranch Risk Management (FARRM) Accounts. These accounts would allow farmers and ranchers to contribute up to 20 percent of their income to a tax-deferred, IRA-type account for up to five years. This legislation was included in the tax bill passed by Congress and vetoed by President Clinton last year.
"It is essential that we provide this risk-management tool for farmers and ranchers. FARRM Accounts can be used to offset the extreme, year-to-year fluctuations in income known by too many farmers," the Senator said.
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