Pat Wolff, Director of the Tax and Rural Development Policy Team at the American Farm Bureau Federation (AFBF), told Ohio Farm Bureau county presidents on Tuesday, March 6, that Congress needs to hear from them on two important tax issues, estate taxes and the capital gains tax, both slated for huge gains at the end of the year.
“Capital gains taxes are going to jump five percent next year, the estate tax is going to go up 20 percent next year and the exemption is going to shrink from $5 million per person to $1 million,” Wolff said. “Congress has the ability to keep those rates in place, but they need to vote on it, they need to get the legislation on the floor and vote to keep the lower capital gains tax rate and the higher estate tax exemption.”
A bill to repeal the estate tax permanently has been introduced in the House, HR 1259. Wolff says AFBFs short term fix of the capital gains tax is to keep the current rates in place.