Barn Media 7-2-10: Estate Tax Uncertainty Hard on Farmers | TheFencePost.com

Barn Media 7-2-10: Estate Tax Uncertainty Hard on Farmers

Brian Allmer

Brian Allmer, Barn Media Podcast Producer

There’s a chance Congress could take action on the estate tax yet this year – but if they do – what they’ll do is still up in the air. That uncertainty is hard on farmers – making it extremely difficult to plan for the future. There is no estate tax this year – but it is set to revert back to a one-million dollar exemption and 55-percent top tax rate in 2011. There is bipartisan legislation introduced in the Senate that would set a higher exemption and lower tax rate – but Minnesota Farmers Union President Doug Peterson worries the federal government may not be interested in giving up any form of tax revenue given the current budget climate.

There’s a chance Congress could take action on the estate tax yet this year – but if they do – what they’ll do is still up in the air. That uncertainty is hard on farmers – making it extremely difficult to plan for the future. There is no estate tax this year – but it is set to revert back to a one-million dollar exemption and 55-percent top tax rate in 2011. There is bipartisan legislation introduced in the Senate that would set a higher exemption and lower tax rate – but Minnesota Farmers Union President Doug Peterson worries the federal government may not be interested in giving up any form of tax revenue given the current budget climate.