PUT DEATH TAXES TO REST: Your Urgent Action is Needed Today Congress Needs to Hear From You Today to Ensure a $5 million Estate Tax Exemption Is In End-of-the-year tax legislation.
The White House announced “a framework for a bipartisan agreement” Monday night over the impending expiration of the Bush tax cuts that includes Farm Bureau supported Estate Tax Relief of a $5 Million exemption and a 35% tax rate.
Your phone calls and e-mails to Congress are critical in making sure that the $5 million exemption and 35 percent top rate are included in the final agreement for all farmers and ranchers in order for this to become law! Time is running short for Congress to act, and House and Senate Democrats, especially Progressives, have not yet announced support for the agreement.
Contact your members of Congress today using Farm Bureau’s On-line Legislative Action Center. The future of American agriculture depends on the Estate Tax exemption, and whether or not farmers can afford to stay on the land they farm and can afford to purchase the land they need! Because Estate Taxes influence the sale of land, this tax can interfere with the orderly transfer of farmland to the next generation of farmers and ranchers. TAKE ACTION NOW and Tell Congress to Finally Put Death Taxes to Rest and support the $5 million exemption and 35 percent top rate.
Additional Facts and Talking Points are available at ofbf.org. If you have questions or need more information, please contact your County Farm Bureau Office or OFBF Director of National Affairs – Adam Sharp.
Here is a SAMPLE MESSAGE that can be e-mailed to members of the HOUSE and SENATE”I am asking you to please support a $5 million estate tax exemption and 35 percent top rate in the end-of-the-year tax bill. Estate taxes destroy family-owned businesses when the tax forces surviving family members to sell land, buildings or equipment to generate enough money to pay the tax. Because Individuals, family partnerships or family corporations own 98 percent of U.S. farms, the Estate Tax hits farmers and ranchers hard.”
A higher estate tax exemption, and lower rates in the proposal will give my farm a better chance to remain in operation when transferring from one generation to the next. The tax should not cripple a farm or ranch from remaining in operation.
Thank you for your consideration of this request. Your support of the tax legislation before the end of the year will lead to reform of the Estate Tax and help farmers and ranchers in Ohio.