Congress is back on Capitol Hill with less than two months to agree on scheduled tax hikes and budget cuts.
Farmers and ranchers are anxious for lawmakers to act on a new, five-year farm bill, and prevent increases in death taxes and capital gains taxes.
Unless Congress acts, on Jan. 1, the estate tax exemption is slated to drop from the current $5 million to $1 million per person and the top tax rate will climb from the 35 percent in place now to 55 percent. The spousal transfer for the exemption will also disappear.
Similarly, with the new year, capital gains tax rates are scheduled to increase from the current 15 percent to 20 percent.
AFBF’s FBACT Insider website is one way to let Congress know how critical these issues are to agriculture. On the site, you’ll find a “Tax Issues” section, as well as a section dedicated to the “2012 Farm Bill.”
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