Ag Groups Urge Action On Estate Taxes

Explore:  Estate Tax Farms

More than 30 agriculture groups recently sent a letter to the U.S. House of Representatives and the U.S. Senate urging them to provide farmers and ranchers with permanent relief from the estate tax.

Current tax relief is set to expire at the end of 2012. After January 1, 2013, exemption levels drop from $5 million to $1 million per individual and the tax rate increases from 35 percent to 55 percent.

Groups signing the letter included the American Farm Bureau Federation, National Cattlemen's Beef Association, and American Sheep Industry Group.

The groups writing the letter – many of which have long opposed the estate tax on principle as well as economic reasoning – urged a full repeal of the tax. Barring that, they urged changes to the estate tax including a permanent extension of current law with provisions to index the exemption to inflation, provide for spousal transfers and include the stepped-up basis.

The estate tax is one of many taxes set to change after the first of the year, making up half of what is known as the “fiscal cliff.” Other changes would affect depreciation schedules and amounts, capital gains and payroll taxes.


Written by:

Published In:


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Varnum LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.