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