Agricultural News
Cattle Producers Keep Pushing for Full Repeal of Death Tax
Mon, 01 Jul 2013 05:38:32 CDT
A pair of bills were introduced earlier this month in the US Congress that would fully repeal the Estate Tax at the Federal level, going a step further than legislation that was put into place at the very beginning of 2013. Companion bills in the House and the Senate, both named the Death Tax Repeal Act of 2013, were introduced in Congress by Sen. John Thune (R-S.D.) and Rep. Kevin Brady (R-Texas).
At the end of 2012, Congress passed the American Taxpayer Relief Act (ATRA) narrowly avoiding a return to a $1 million estate tax exemption with a 55 percent tax rate. ATRA permanently extended the estate tax exemption level at $5 million per individual ($10 million per couple) and raised the top tax rate to 40 percent. ATRA also maintained the spousal transfer, step-up in basis and indexes the estate tax for inflation.
One of the groups within the ag community that has fought hard for repeal, the National Cattlemen's Beef Association, was pleased when ATRA was signed into law. While NCBA continues to support the full and permanent repeal of the death tax, for the time being the permanent relief of ATRA is significant. Permanency in the tax code provides less uncertainty for estate planning.
Kent Bacus of the NCBA's Washington staff joins us on today's Beef Buzz, as he discusses the latest measures that keep the Estate Tax discussion alive within the Congress in the current legislative session. To read more about the NCBA's support of the bills introduced in both the House and Senate, click here.
The Beef Buzz is a regular feature heard on radio stations around the region 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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