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AGRIBUSINESS: House Members Band To Repeal Death Tax

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

2 comments

  • gimmieabreak

    ban or significantly reduce political corrupt mandated corn-ethanol and:
    land prices will go down
    livestock prices will go down
    food costs will go down
    Grassley will have a heart attack
    ………problem solved

    PS
    farmers don’t “need” expensive machinery

  • Roger Marple

    The death tax is a totally political topic. It brings in such a small fraction of revenue, comparatively, it’s not even worth debating. It’s simply a way for politicians to blow their own horn.

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