Farm Bureau Highlights Need for Passage of Tax Legislation”Tue, 05 Oct 2010 17:10:50 CDT
The prompt passage of tax legislation - according to American Farm Bureau President Bob Stallman it’s the most pressing issue for America’s farmers and ranchers. In a letter to members of the House and Senate - he called on Congress to act quickly to pass tax legislation providing estate tax relief, keep capital gains tax rates and extend other important tax provisions that expired at the end of 2009 or are set to expire at the end of 2010 when they return after the election.
According to Stallman - passage of estate tax relief is the most important tax issue for farmers and ranchers. Farm Bureau supports a five-million dollar exemption and top rate of 35-percent. The group also supports continuation of the 15-percent capital gains tax rate. He says increased capital gains taxes would have a severe impact on farmers and ranchers because the average amount of capital gains they report is about 50-percent higher than the average taxpayer and represents 20-percent of the total adjusted gross income reported by farm households.
Finally - Farm Bureau is opposed to individual tax rate increases. Stallman says most farmers and ranchers file taxes as individuals. Any increase in individual income tax rates - he says - will impact their businesses and the disposable income they have. Stallman notes the farm and ranch sector can help stimulate the economy, assist those in need and preserve open space when agricultural producers’ incomes allow them to do more than just cover necessary expenses.
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