Agricultural News
Cattle Industry Lobbyist Colin Woodall Delighted With Obama-GOP Estate Tax Deal
Wed, 08 Dec 2010 5:57:48 CST
Colin Woodall works for a group that has long championed the elimination of the Estate Tax at the federal level. While the Obama-GOP tax deal does not offer that level of relief, the adoption of the levels found in the Kyl-Lincoln Estate Tax reform is called a "major victory" by Woodall. We discuss his thoughts on this Death Tax development on today's Beef Buzz.
The Estate Tax part of the Obama-GOP plan includes a five million dollar exemption per person with a 35% tax rate on anything above that level. That's considered adequate to cover most farms and ranches that producers want to pass along to their heirs. These numbers line up with the proposal that has been championed for a year or longer by Senators Jon Kyl, Republican of Arizona and Democratic Senator Blanche Lincoln of Arkansas- who is a lame duck after losing her bid for reelection last month.
Many Congressional Democrats are up in arms over the Obama-GOP tax deal, but the President is strongly defending the need for the deal, even while being critical of those that he has cut the deal with. The Senate is likely to approve the measure but its fate in the House in these final days of Democratic rule is less certain. According to Keith Good at the blog Farm Policy.Org, Russell Berman and Mike Lillis reported yesterday at The Hill Online that, “Speaker Nancy Pelosi (D-Calif.) on Tuesday escalated the Democratic criticism of the agreement and said the estate-tax provision was ‘a bridge too far.’”
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. Click on the listen bar below for today's show- and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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