The Treasury Department is proposing new rules that could sharply increase producers’ Estate Tax burden. But, agriculture groups and lawmakers are fighting back. The Treasury wants to hike the value of producers’ farm and ranch assets by reducing discounts for certain ownership, making it harder to qualify for the Estate Tax exclusion.
41 Senate Republicans and key farms groups, including the American Farm Bureau Federation and National Cattlemen’s Beef Association, want Treasury to abandon the proposed regulation.
They charge the plan eliminates Estate Tax relief Congress passed in 2012 and discourages families from passing on the farm to future generations.
National Cattlemen’s Beef Association’s Danielle Beck says the proposal would boost Estate Taxes significantly.
Hillary Clinton wants to reduce the Estate Tax exemption from more than $5 million down to $3.5 million, and raise the tax rate to 45 percent from 40 percent. She charges Donald Trump’s tax plan, including ending the Estate Tax, favors the rich.
(From the National Association of Farm Broadcasters News Service)