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Taxes

Stallman Kicks Off Farm Bureau FBACT Push on Tax Issues

In the final months of 2012, Congress will take up a tax package, including AFBF's priority tax issues, such as estate tax reform. AFBF is focusing its grassroots resources to take action on this priority issue during a lame duck session of Congress.

Issue Background

Farmers and ranchers will pay more taxes on January 1, 2013, including huge jumps in estate taxes and capital gains taxes, unless Congress acts to support family farmers and ranchers.

The Death Tax exemption will shrink to $1 Million and the top rate will jump to 55%.  And the Capital Gains Tax will increase by a third to 20%.  We are counting down to “Taxmageddon” when these taxes come back.

Will you join the 10,000 farmers and ranchers telling Congress reform is needed now?   You can help, by telling Congress to support family farmers and ranchers.  Hurry before time runs out!

CLICK HERE TO TAKE ACTION

Commentary: Farm Bureau to renew push for estate tax reform (California Farm Bureau AgAlert)

Dealing with Tax Hikes (AgInfo.net – October 11, 2012)

USDA Economic Research Service: Federal Estate Taxes

Farm Bureau is Fighting
  • Estate Tax Reform and Certainty for Family Farms
  • Protect family farms from devastating impacts of Estate Taxes
Key Points
  • Between 2002 and 2012, the Estate Tax has changed nine times.
  • The Estate Tax is affecting more farm families as the price of U.S. farm land rises.
  • Farmland is saved by family farms with certainty in the Estate Tax.
  • On January 1, 2013 as many as 10 percent of farms and ranches could owe the "Death Tax" versus 1.62 percent in 2009.
Impact of Death Taxes on Farms and Ranches
With Congress debating the future of the 2001 and 2003 tax plans, a higher Death Tax exemption level and a lower rate need to be put in place now. We are asking Congress to stop this harmful tax increase on farmers and ranchers.
 

Issue News

Congress won't get much done before August recess. This is not a new development. Jul 25, 2014 - Washington Post And though senators chalked up a few more accomplishments in the hours leading up to their August recess, they still left town with some 350 bills passed by the House awaiting their attention. The Senate began its August recess Friday; the House is to follow this week. The Senate yesterday met in a most perfunctory manner, transacted little or no business, interrupted its session with a recess and finally adjourned until next Monday.
 
 
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