Tuesday, December 28, 2010

Just in from Washington



Farm Bureau Members Credited for Passage of Estate Tax Relief

Washington--America’s farmers and ranchers are celebrating the estate tax victory achieved during the lame duck session of Congress but know that the victory won’t last forever.

“It’s the best deal that was ever envisioned for this Congress, but it is temporary. It’s only a two-year provision, so that means that come next year, we’ll have to start working to keep this good estate law on the books,” said Patricia Wolff, American Farm Bureau Federation tax specialist.

Wolff credits Farm Bureau members for contributing to the passage of tax relief this year. “The estate tax was set to go back on the books Jan. 1 with only a $1 million exemption level and a 55 percent rate. That was egregious. It inspired farmers and ranchers from all over this country to tell their story to their member of Congress and it was those stories that convinced Congress to enact an exemption level that was high enough to protect family farms,” she said.

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