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Estate tax part of tax deal in D.C.
The tax deal between President Obama and Congress includes raising the estate tax exemption to five million dollars with a maximum tax rate on estates of 35 percent.
Nebraska Farm Bureau’s national affairs coordinator Jordan Dux says it’s a victory for farmers and ranchers.
“To see the President support the five million dollar estate tax exemption and 35 percent tax rate, that was just excellent—that’s exactly what we’ve been asking for,” says Dux. “We were glad to hear that he got the message that farmers and ranchers and small business owners have been sending to Washington.”
Iowa Senator Charles Grassley says he is happy—and surprised—that the estate tax was included in the agreement.
“I didn’t think that we would ever have that possibility after we lost it last April—when (Harry) Reid said he wouldn’t bring up a bi-partisan agreement that (Jon) Kyl and I had with Democrats (Max) Baucus and (Blanche) Lincoln,” Grassley says.
Dux points out that the agreement is only for two years. “We obviously want something more permanent, but it’s something to work with and we can continue to work on that when we need to two years from now.”
The estate tax lapsed this year, but was scheduled to return on January 1st with an exemption of one million dollars per person and a maximum rate of 55 percent.
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