Another view regarding the increase in the death tax that is looming on Janurary 1. This piece by the president of the Utah Farm Bureau just asks that we keep the tax with its current exemptions and rates.
“According to Benjamin Franklin, death and taxes are life’s only certainties. But for farmers and ranchers, death taxes, also known as estate taxes, are far from a sure thing.
Under current tax law, the tax goes back on Jan. 1, 2013, to a top rate of 55 percent and a $1 million exemption. With such a low exemption, as many as 18 percent of farms and ranches in Utah could owe estate taxes next year, according to the Agriculture Department. That means more than 3,000 farms in Utah could get hit with a 55 percent tax. How would it impact your small business?
For most farmers and ranchers, providing the country’s food, fiber and fuel is not just about making a living, it’s our way of life, a way of life we nurture like our plants and animals with the intention of passing it on to our children, grandchildren and well beyond. But for some farm families, federal estate taxes can mean their most recent harvest was their last.”
The rest of the story is here.
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