Disaster Assistance & Estate Taxes plus Milk Drinking Habits

Disaster Assistance & Estate Taxes plus Milk Drinking Habits. I’m Greg Martin with today’s Northwest Report.

Key tax proposals before Congress could put even modest-size farms at a disadvantage. Farm Bureau’s Tax Adviser Pat Wolff says they want to keep the current 5-million dollar estate tax exclusion and 40-percent rate from going any higher - as the President proposes - and is pressing for an end to a 400-thousand dollar a year income threshold above which the capital gains rate jumps.

WOLFF: In a year when a farmer sells property he could easily exceed that threshold that would put him into a higher capital gains tax bracket of 20%. We think that is just not right that the 15% should apply to everything.

USDA has been busy making disaster designations around the country which allows farmers access to disaster assistance. Malheur County in Oregon has been added to the list as a primary natural disaster area due to damages and losses caused by the recent drought. Contiguous counties Baker, Grant and Harney are also included. Farmers and ranchers in Idaho counties Canyon, Owyhee, Payette & Washington also qualify for natural disaster assistance. For more information or to apply for assistance be sure and contact your local Farm Service Agency office.

Now a new study has some interesting news about our milk drinking habits. Gary Crawford reports.

(USDA Report)

Thanks Gary. That’s today’s Northwest Report. I’m Greg Martin on the Ag Information Network.