Agricultural News
Cattle Producers Call on the Senate to Finish Their Work and Pass the Tax Package- Even with Extensions for Ethanol Credits
Tue, 14 Dec 2010 6:40:46 CST
National Cattlemen’s Beef Association (NCBA) President Steve Foglesong is pleased the U.S. Senate passed a procedural vote to move forward with consideration of an agreement between Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) to extend all expiring tax rates for two years. Included in the agreement is a two-year fix for the estate tax, commonly known as the death tax, which reduces the top rate to 35 percent; increases the exemption level to $5 million; indexes exemptions to inflation; and includes a stepped-up basis. Foglesong said he urges the Senate to vote “yes” on final passage of the legislation as currently written. A vote is expected in the Senate as early as today.
“It is encouraging the Senate has taken the first step necessary to passing meaningful estate tax reform, but we’re not there yet,” Foglesong said. “Farmers, ranchers and small business owners need relief from this tax that could put them out of business. The Reid/McConnell amendment is our best shot at stopping the death tax from returning to devastating levels.”
The Senate today voted to invoke cloture and end debate on the Reid/McConnell amendment by a vote of 83-15. It has been reported the Senate will vote on final passage of the Reid/McConnell amendment tomorrow, Dec. 14. 2010. Upon passing in the Senate, the amendment will be sent to the House for consideration before being sent to President Obama to be signed into law.
“Political pundits talk about how the death tax will only affect the wealthy elite. That couldn’t be further from the truth, and it is encouraging to know that an overwhelming majority of U.S. Senators understand the return of the death tax to pre-2001 levels of a 55 percent tax and an exemption level of $1 million will deliver a death sentence to family-owned farms and ranches across the country,” Foglesong said. “It is time for the Senate to pass the Reid/McConnell amendment with broad bipartisan support and send a loud and clear message to the House that the time for political games and lofty speeches has expired.”
If the measure does pass the Senate, its fate in the House is still unknown. Many liberal members of the House are very upset with the Estate Tax provisions and there will likely be an effort to lower the exemption and raise the tax rate in the House.
Click here for one of the latest overviews of the politics that continue to show a fluid situation, especially in the House.
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