New Death Tax Threatens 526,421 Family Farms

526,421 family farms threatened by new death tax

By Paul Bedard

(Washington Examiner)—New legislation that jumps the death tax to 55 percent of estates exceeding $1 million threatens 526,421 family farms, of about 25 percent of all farms in America, according to a Senate analysis.

According to the analysis from the Senate Republican Policy Committee, chaired by Wyoming’s John Barrasso:

If President Obama and Senate Democrats do not act, the federal government will begin taking more than half the value of family farm estates exceeding $1 million beginning next year. This summer, Majority Leader Harry Reid and Senate Democrats passed legislation (S.3412) on a party-line vote that allows Washington to take up to 55 percent, a huge increase over today’s top rate of 35 percent, and drop the tax’s exemption from $5.1 million to $1 million. The lower exemption — combined with soaring farm real estate values — could put more than 420,000 additional farm estates at risk from the death tax.

Read more at The Washington Examiner

About Brent P.

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