Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   

Agricultural News


AFBF: Death Tax Repeal Act 'Gets the Job Done'

Wed, 19 Jun 2013 17:16:10 CDT

AFBF: Death Tax Repeal Act ‘Gets the Job Done’
The American Farm Bureau issued the following statement upon the introduction of the Death Tax Repeal Act of 2013:

The American Farm Bureau Federation supports legislation introduced today in both the House and Senate that would permanently repeal the estate tax. Sen. John Thune's (R-S.D.) bill, The Death Tax Repeal Act of 2013, coupled with bipartisan legislation of the same title introduced by Reps. Kevin Brady (R-Texas) and Mike McIntyre (D-N.C.), is welcomed by America's farm and ranch families.


While significant tax relief was enacted last year to help farmers cope with estate taxes, AFBF believes that permanent repeal is still the best solution to protect all farms and ranches. The legislation introduced today would repeal the estate tax, maintain stepped-up basis and make permanent a 35 percent maximum gift tax rate and $5 million lifetime gift tax exemption indexed for inflation.   


"Individuals, family partnerships and family corporations own 98 percent of our nation's 2 million farms and ranches," said AFBF President Bob Stallman. "When estate taxes on an agricultural business exceed cash and other liquid assets, surviving family partners may be forced to sell land, buildings or equipment needed to keep their businesses running. This not only can cripple a farm or ranch operation, but also hurts the rural communities and businesses that agriculture supports."


The value of family-owned farms and ranches is usually tied to illiquid assets, such as land, buildings and equipment, said AFBF. With 85 percent of farm and ranch assets illiquid, producers have few options when it comes to generating cash to pay the estate tax. Recent increases in agriculture cropland values, on average 15 percent from 2011 to 2012, have greatly expanded the number of farms and ranches that now top the estate tax exemption.


"Farm Bureau believes the estate tax should be eliminated permanently," concluded Stallman. "We fully support The Death Tax Repeal Act of 2013 to get the job done."



   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma Wheat Commission Names Best of Wheat Bread Baking Champs on the Final Day of the State Fair   Mon, 26 Sep 2022 04:42:45 CDT
  • Atop the RON Rural Soapbox - Former Secretary John Block  Sun, 25 Sep 2022 15:50:14 CDT
  • Road to Rural Prosperity Features Joey Carter about his movie "Hog Farmer" and his battle To Keep his Farm  Sun, 25 Sep 2022 13:42:02 CDT
  • Superior Livestock's Sept. 22 Video Auction Market Report  Fri, 23 Sep 2022 15:44:12 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2 p.m. September 23, 2022  Fri, 23 Sep 2022 15:23:02 CDT
  • House Republicans Unveil Commitment to America  Fri, 23 Sep 2022 13:23:28 CDT
  • BASF's Sack Hunger Challenge back for 2022 Kansas State Season  Fri, 23 Sep 2022 13:17:53 CDT
  • Thompson: Commitment to America Will Restore a Robust Rural Economy  Fri, 23 Sep 2022 12:31:08 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.
       

       

    Search OklahomaFarmReport.com

    © 2008-2022 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.