Agricultural News
Congress Likely Will NOT Act on Death Tax This Year- Allowing Rates to Skyrocket January First
Thu, 19 Aug 2010 5:47:45 CDT
Things are not looking good for Congress stepping up to the plate and dealing with the Estate Tax issue the balance of this election year. If Congress takes no action, the estate tax, which expired at the end of last year, will return next year with a basic exemption of $1 million and a top rate of 55% on the largest estates. (Transfers between spouses typically are tax-free.) For 2009, the basic exemption was $3.5 million, and the top rate was 45%.
National Cattlemen's Beef Association Lobbyist Colin Woodall sees nothing on the horizon while Congress is in recess that could bring this issue up before the House and Senate wrap up their work and go home to campaign in advance of the November general elections. He sees little chance that the Democrats will be very interested in discussing Death Tax reform during a lame duck session either, so that means the Death Tax will return at the Federal Level at the onerous levels of the early part of the decade.
Woodall is our guest on today's Beef Buzz, offering his take on how all of this may play out.
The Beef Buzz is a regular feature heard on radio stations around the state on the Radio Oklahoma Network- but is also a regular audio feature found on this website as well. Check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today. Just click on the Beef Buzz button found on the left hand side of any page on this website.
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