An Uphill Battle- Fixing the Death TaxFri, 29 Oct 2010 7:00:46 CDT
The old joke, which in this case is not very funny, is that the chances right now are Slim and None- and Slim was seen leaving town. It's a joke that can be applied to the issue of getting a fix for the so called Death tax before December 31. Right now, the Federal Estate Tax is zero, but it returns January first with just a million dollar exemption and a 55% tax rate on all assets above that exemption level.
Colin Woodall. lobbyst for the National Cattlemen's Beef Association, was in Oklahoma City earlier this week for the annual meeting of the Texas Cattle Feeders Association. He sees little hope that Congress will move the urgency for dealing with the Death Tax high enough for a fix to happen in the upcoming Lame Duck session that will follow the election on November second. Right now, Congress is slated to return to Washington November 15- and there is absolutely no way to know how much they will attempt to accomplish in the few days they will meet between then and Christmas.
Woodall says there is a better chance that we could see Congress come back in early in 2011 and pass a fix that would be retroactive to the first of the year, but that is very uncertain as well.
We talk about the current status of getting something done on the Death Tax on this edition of the Beef Buzz.
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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