American Farm Bureau Federation President Bob Stallman says now is the time for congressional action on estate tax relief, preserving capital gains tax breaks and extending other important tax provisions. In a letter sent this week to President Barack Obama, Stallman said, "No matter is more pressing for our nation's farmers and ranchers than prompt passage of legislation that extends tax provisions that expired in 2009 or are set to expire at the end of this year."
Stallman told the President that Farm Bureau is calling on him to work with Congress to enact legislation before the end of the year in order to avoid the economic damages that will be caused by tax increases and the uncertainty that surrounds the tax code. On Nov. 18, President Obama is set to meet with congressional leaders from both parties to discuss the legislative agenda for the lame duck session of Congress.
The top issue on Farm Bureau's list for the lame duck session of Congress is estate tax relief. Without congressional action, the estate tax will be reinstated in 2011 with a $1 million exemption and a top rate of 55%, a reversion back to the level 10 years ago.