Senate Passes Tax Bill
Thu, 16 Dec 2010 4:15:36 CST
By a count of 81 to 19, the U.S. Senate has approved the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The legislation reflects the framework of the tax agreement reached by President Obama and Congress. The U.S. House must also approve the legislation before it can be presented to President Obama for his signature.
American Farm Bureau Federation President Bob Stallman, says - for America’s farm and ranch families, passage of estate tax relief is the single most important tax issue left unresolved by Congress. Farm Bureau has been an ardent supporter of estate tax reform that provides a 5-million dollar exemption and maximum rate of 35 percent. Stallman says - we are pleased Senate leaders included the provision in the bill - and we urge passage in the House.
Steve Foglesong, president of the National Cattlemen‘s Beef Association, is relieved the U.S. Senate voted to extend all expiring tax rates for two years. The Senate-passed bill would reduce the top rate of the estate tax, commonly known as the death tax, to 35 percent; increase the exemption level to 5-million dollars; index exemptions to inflation; and include a stepped-up basis. Foglesong called the estate tax - a government approved, signed, sealed and delivered ticking time bomb for U.S. farmers, ranchers and small business owners.
Iowa Senator Chuck Grassley says - the only thing better than passing this legislation would be to make tax relief permanent. He notes, - this legislative agreement makes sure the government can’t take more than half the estates of farmers and small business owners who have scrimped, sacrificed and saved their entire lives to build up a family business.
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