Legislation has recently been introduced that would lower the estate tax, and two powerful groups have been quick to sign on. According to The Hill, the American Farm Bureau Federation and the National Federation of Independent Business have all signed on to support legislation recently introduced by Rep. Shelley Berkley (D-NV). To view the article by Kevin Bogardus, click here.
According to the article, Berkley’s bill will exempt
“those who have assets valued at less than $5 million ... from the estate tax. The legislation also lowers the estate tax rate from the current rate of 45 percent to 35 percent. By raising the exemption level but keeping the tax in place, more small businesses and farmers will escape the tax but they also can appropriately plan to pay for it if they do fall under it in the future.”Although the Farm Bureau and National Federation of Independent Business would like to see the estate tax revoked, but realizes the votes are not there currently for a total repeal. According to Mr. Bogardus’s article,
“Both organizations have made the political calculation that the votes aren’t there for a full repeal of the estate tax, which they would prefer. But enough Democrats could be won over to approve some readjusting of the law, and with the estate tax set to expire by the end of this year, the trade groups believe lawmakers will act before this congressional session is up to keep it in place.”The Berkley bill builds off of a similar amendment offered by Senators Lincoln and Kyl in an April budget Resolution.
For a previous post on Farm Bureau’s stance on the estate tax, click here.
To view other posts on this issue, click here.
Posted: 10/27/09
