estate tax

Farmers will see long-awaited relief from the estate tax next year, with the exemption rising to $15 million for individuals, and $30 million for married couples under the president’s One Big Beautiful Bill.

Sweeping tax changes for Ag are included in the Democrats’ massive social spending bill, which could soon be headed to the House floor. Supporters of farm country said this week the best news for agriculture is that House Democrats dropped the president’s plan to impose a capital gains tax on producers at death. The idea ...

The new tax law still has estate taxes, but very few people will ever have to worry about that. "Makes the vast majority of family farms and small businesses exempt from the estate tax," said President Donald Trump.   Iowa State University Tax expert Kristine Tidgren said under the old law it was a pretty small percentage of people who paid any estate tax, farmers could own property wort

Republican House leadership rolled out several highlights of their proposed tax reform Thursday.  While the details have not been laid out, Representative Dan Newhouse says for the most part the sweeping changes would be good for the ag industry.  He...

On Thursday, House leadership released its blueprint for sweeping tax reform, including significant cuts to individual and corporate tax rates and the eventual repeal of the estate tax.  The plan is estimated to cost $1.51 trillion over the next decade.  Na...

A coalition of more than 30 agriculture groups is pressing Congress to repeal the estate tax.  A letter sent to the House Ways and Means Committee asked that any tax reform package include permanent repeal of the estate tax.  Sometimes referred to as the "death tax," the levy is imposed on the net value – less an exemption – of an owner's assets transferred at death.   For the 2016... Re

A proposal by the IRS to change how certain estate taxes are calculated with regards to liquidation of interest, gift and generation-skipping transfer taxes is being challenged by Congress.   American Farm Bureau Tax Specialist Pat Wolff said this would include family farms, but that the IRS proposal would make handing down the business harder.  ...

A top tax issue for farmers and ranchers is dividing the Democratic presidential ticket.  It’s not just Donald Trump and Hillary Clinton that disagree on the estate tax; Trump wants it gone and Clinton wants it increased.  However, Clinton’s running mate, Virginia Senator Tim Kaine, also took a position on the tax as former Virginia Governor.   Former Ag Se...

Hilary Clinton has proposed reducing the exemption for estate taxes to $3.5 million per person and increasing the rate to 45 percent.   Paul Neiffer with CLA said he doesn’t expect such a change would pass through a Republican-controlled Congress, but if it did.   “...