NAWG and other ag groups urge estate tax reform
Farm and Ranch December 3, 2010 The National Association of Wheat Growers joined nine other national commodity and farm organizations this week in calling on Congress to enact permanent estate tax reform. If the current Congress does not act the estate tax will revert back to a 55 percent rate on estates worth one million dollars on January 1st of 2011. NAWG CEO Dana Peterson participated in a news conference held by the ag groups where she pointed out that wheat farmers have most of their assets in land. Peterson: “For those of you who know a farmer and know a multi-generational farmer, you know that that land has a large emotional investment as well as a financial investment to the family. When that land has to be sold off it is like cutting the roots off of that family farm. If this estate tax is not addressed by Congress, the future estate tax liabilities will not only drain our wheat farms of the funds that might otherwise be reinvested in future generations, but also could force families to sell off their assets, land included, that land that is used to grow the nation’s wheat crop.” Many of the groups participating in the news conference support raising the estate tax exemption to five million dollars per person with a top rate of no more than 35 percent. I’m Bob Hoff and that’s the Northwest Farm and Ranch Report on Northwest Aginfo Net. ? ?
