MO Farm Bureau pushes to eliminate estate tax
April 16, 2021 By Will Robinson Filed Under: Missouri, News
The Missouri Farm Bureau is pushing for the full repeal of the estate tax.
Missouri Farm Bureau’s Spencer Tuma said Congress’ ability to ‘move the goal post’ of the estate tax threshold causes great uncertainty for farmers and ruins financial planning.
“On principal, we believe that your death is not a taxable event and we believe this is wrong,” she said.
Congressman Jason Smith of Missouri said the current estate tax threshold is set to drop from $11.7 million dollars per person to $5.5 million in 2025. But he says the Biden administration’s current proposal would lower the threshold to $3.5 million.
“That’s a huge change from $11 [million] to $3.5 million,” Smith said. “And people are saying this is for the wealthy; a farmer in southeast Missouri in our congressional district where you’re talking about per acre is $8 [thousand] to $10 thousand, it doesn’t take much.”
Smith introduced the Death Tax Repeal Act in March, alongside Congressman Sanford Bishop of Georgia, in an effort to repeal the estate tax. Smith said the removal of the stepped-up basis would also be damaging to farmers and small businesses. Smith was a guest on Missouri Farm Bureau’s Virtual Legislative Briefing Thursday.
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