A coalition of ag groups are calling on Congress to include permanent repeal of the estate tax in any proposed tax reform legislation.
Dustin Baker with the National Pork Producers Council (NPPC) says the tax code in place now is complex and inefficient.
“It requires a tremendous amount of resources just for compliance,” he says. “The way some of the rules are set up now – it penalizes some producers who have achieved success and can discourage the continuation of our family farms.”
In a letter to House Ways and Means Chairman Kevin Brady and Ranking Member Richard Neal, NPPC along with more than 30 other ag groups asked for full repeal of the estate tax and maintained stepped up basis, which limits the amount of property value appreciation that is subject to capital gains taxes if the inherited assets are sold.
The current estate tax exemption level of $5 million per person and $10 million per couple was made permanent as part of the American Taxpayer Relief Act of 2012.
Source: brownfieldagnews.com