Estate Taxes Created by rrummel on 6/18/2014 3:11:20 PM
Now Ripe for Repeal
With 218 co-sponsors – more
than half of the House of Representatives – on board, legislation to repeal
estate taxes is ripe for floor action, the American Farm Bureau Federation said
Rep. Kevin Brady's (R-Texas)
Death Tax Repeal Act, H.R. 2429, would repeal estate taxes, and maintain stepped-up
“Although permanent law
enacted as part of the American Taxpayer Relief Act of 2012 provided
significant estate tax relief, repeal is the best solution to protect all farms
and ranches from the estate tax,” said AFBF President Bob Stallman.
The estate tax burden falls
heavily on farmers because it takes more capital assets, such as land and
equipment, to generate the same level of income as other types of businesses.
If Congress fails to
permanently repeal the estate tax, surviving family members may be forced to
sell off parts of their farms, ultimately jeopardizing their livelihoods.
“Look at land alone,”
Stallman said. “As it skyrockets in value, the chances of surviving family
members having to sell some substantial acreage to pay estate taxes grows right
along with it. This not only can cripple a farm or ranch operation, but also
hurts the rural communities and businesses that agriculture supports.”