Treasury Proposes Increase In Estate Tax

The Treasury Department is proposing a new rule sharply increasing the Estate Tax for producers.
But agriculture groups and lawmakers are fighting against it. The Treasury wants to hike the value of producers farm and ranch assets by reducing discounts for certain types of ownership.
However, 41 Senate Republicans and key farm groups, including the National Cattlemen's Beef Association, want them to abandon the rule. Saying it will discourage families from passing on the farm to future generations.
Danielle Beck with NCBA says, "Left in place the rule would increase estate and gift taxes by 30 percent or more on family owned businesses. So it would result in fewer family businesses surviving from one generation to the next"
Beck says they with other business groups sent a letter with 3,700 signatures, that's the most she's ever seen.
She adds it's important to them to head off a change to the tax before President Obama leaves office.