House Ag Committee Chair, Frank Lucas had positive things to say about the American Taxpayer Relief Act.
He points to the permanent tax relief for families, farmers and small businesses, including a permanent patch for the alternative minimum tax and holding down the death tax for farmers and ranchers, and the postponement of sequestration. The estate tax now sits at 40% with a $5 million exemption.
Lucas adds that the one-year extension of the 2008 Farm Bill gives agricultural producers some certainty and allows the Agriculture Committees to continue working on a five-year comprehensive farm bill. Still Lucas says this legislation is just one step in the process of solving Washington’s spending problem. He says it’s now time for the President to work with Congress to address the $16 trillion debt and find responsible ways to both cut spending and grow the economy.