The White House announced “a framework for a bipartisan agreement” Monday night over the impending expiration of the Bush tax cuts that includes Farm Bureau supported Estate Tax Relief of a $5 Million exemption and a 35% tax rate.
Your phone calls and e-mails to Congress are critical in making sure that the $5 million exemption and 35 percent top rate are included in the final agreement for all farmers and ranchers in order for this to become law! Time is running short for Congress to act, and House and Senate Democrats, especially Progressives, have not yet announced support for the agreement.
The future of American agriculture depends on the Estate Tax exemption, and whether or not farmers can afford to stay on the land they farm and can afford to purchase the land they need! Because Estate Taxes influence the sale of land, this tax can interfere with the orderly transfer of farmland to the next generation of farmers and ranchers.