Thursday, March 13, 2008

Early warning sign...

On possible estate tax legislation:
Both candidates would allow President George W. Bush's tax cuts to expire for workers in the top two tax brackets and set the estate-tax rate at 45 percent with a $7 million exemption. Obama wants tax rates on capital gains and dividends to rise from the current 15 percent rate to perhaps as high as 28 percent, the rate under former President Ronald Reagan. [More]
I think this might actually fly with many farmers. (Not the cap gains rate - the estate tax exemption level)

3 comments:

Anonymous said...

http://www.cbpp.org/5-31-06tax2.htm
Go about 2/3 down on page and look at the graph showing anticipated amounts of farms. I have always thought the farm community was short-sighted considering this as very important legislation.

John Phipps said...

Anon:

I'm with you. I'm willing to abandon guys over $7M, especially to keep the basis step-up in the estate laws.

The absolutist position of no estate tax at all looks to me like most farmers are being used for no good reason.

Blubberball57 said...

you might like this article from Farm Bureau:
http://www.fb.org/index.php?fuseaction=newsroom.newsfocus&year=2008&file=nr0312.html