Rep. King Calls for Estate Tax Elimination
Washington--In an op-ed in the Washington Times, Rep. Steve King (R-Iowa.) says that if Congress does not eliminate the death tax by the end of the year, lawmakers and the president must work together to get rid of it in the new year, making the elimination retroactive to Jan. 1, if necessary.
“No family with a terminally ill loved one should have to calculate the tax implications of placing a loved one on life support or disconnecting that loved one from it, especially to preserve his or her life’s work, whether it be savings, business or the family farm,” King wrote in the op-ed, which was referenced in The Hill’s Floor Action blog.
Unless Congress acts during its upcoming lame-duck session, at the beginning of the new year the estate tax exemption will shrink to $1 million per person with no spousal transfer and the top rate will jump to 55 percent.
To join the American Farm Bureau Federation’s estate tax reform push, go to the FBACT Insider website. It’s the easiest way to let Congress know how devastating the impending estate tax and capital gains rate hikes are to agriculture.