Ag Groups Speak
Out On Estate Tax

Farm Progress reports that representatives from nearly a dozen agricultural groups and organizations recently held a press conference at the National Press Club in Washington, D.C., to discuss the need for reform of the estate tax. Unless Congress acts, estate tax provisions will revert back to 2001 levels of a $1 million exemption and 55% tax rate on Jan. 1, 2011.

During the press conference, all groups represented spoke favorably of legislation that was introduced by Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ). That legislation would raise the exemption to $5 million and set the tax rate at 35%.

“Without action from Congress, family-owned farms and businesses will continue to face the prospect of even more uncertainty in their planning and risk of being forced to sell assets in order to pay high estate taxes,” said Chip Bowling, a member of the National Corn Growers Association Public Policy Action team. “Today, President Obama meets with congressional leaders at the White House to discuss a path for tax legislation. We hope they realize the importance of extending the estate tax for the future of American farm families and small-business owners.” ◆