Agricultural News
Estate Tax Provisions of Obama-GOP Tax Deal Survive Senate Challenge, House Vote is Final Hurdle
Wed, 15 Dec 2010 23:57:49 CST
A far-reaching $858 billion tax plan negotiated by the White House and Republican leaders sailed through the Senate on Wednesday and was headed for a vote Thursday in the House, as lawmakers rushed to prevent a New Year's tax hike from striking virtually every American household.
For agriculture, two issues are riding along with the so called Bush Tax Cuts- a fix for the estate tax and biofuel credits that are being extended under the deal pulled together by the GOP and the President.
We talked Wednesday evening with Colin Woodall of the National Cattlemen's Beef Association- while they don't like the ethanol tax credits being extended- the overriding issue for them is the deal to provide Death Tax relief.
Woodall says it's amazing that they are on the verge of a two year Estate Tax fix that includes a five million dollar per person exemption, indexed for inflation and with stepped up basis included. The tax rate for estates that exceed that threshold is 35%.
The lobbyst says a lame duck lawmaker on the Democratic side of the aisle is the remaining obstacle to seeing this deal head to the White House and a Presidential signature. That lawmaker is Earl Pomeroy of North Dakota, who lost his bid for reelection last month. He would like to roll the rates back to the level seen in 2009. After seeing the deal made by President Obama in order to get an extra year of unemployment benefits, groups wanting to reduce or eliminate the Death Tax are saying no way to House Democrats.
Click on the LISTEN BAR for our conversation on this subject with Colin Woodall of the NCBA.
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