Waching daily Sep 26 2017

I'm Pete Bonds. We're from Saginaw, Texas. We kind of ranch all over. We own

ranches in Marlin, Texas, here outside of Ft. Worth, Canadian, Texas, and in New

Mexico. The experience we've had with the death tax has not been good. We have

been paying life insurance for a long time. We have about 15 million

dollars' worth the life insurance to help get all this stuff into the kids' names

and pay the taxes. You know, that's a waste. It's costing us tens of thousands

of dollars a year to do this and we could be buying cattle, buying land. We've

also here several years ago sat down with several attorneys and spent several

hundred thousand dollars getting limited liability partnerships set up and

went through where we had to have not only appraisals but the appraisals of the

appraisals. We spent about as much money getting this stuff into the kids' names

as my dad paid for this damn ranch. Most ranchers - 90 plus percent of their total

assets is land. That land is not very liquid and upon my death if we had

not done anything, the kids would have had to come up with several

million dollars to pay the death tax. We don't have that amount of money just

sitting around, waiting. Basically what happens upon my death the kids have to

buy the ranch back from the government at a 50% reduction

in the value. We pay taxes on these ranches and get them bought.

Now you're going to tax a very, very tragic event - the death of the family member.

What Congress needs to do is just get rid of the son of a bitch!