U.S. House members are pushing to repeal the Estate Tax. Two-hundred and eighteen members are cosponsoring the Death Tax Repeal Act by Texas Republican Kevin Brady.
The bill would end estate taxes and maintain so-called stepped-up basis to minimize capital gains tax. However, the Senate doesn’t seem to be convinced.
Dale Moore with the American Farm Bureau says there aren’t 51 votes and no guaranty of success.
Current estate tax exclusion is $5 million per individual. For farmers, increasing land prices, livestock, and expensive machinery quickly add up in value. Moore says there’s a steep tax bill