“Farm Bureau members continue to urge lawmakers to provide permanent relief from the burdens of the federal death tax. The repeal of this tax is Farm Bureau’s top tax priority, and one that unites farmers and ranchers nationwide, regardless of the crop or farm animal they produce,” said AFBF President Bob Stallman.
The death of a farmer or rancher may force his or her children and grandchildren to liquidate all or part of the family’s property and other assets to pay the federal death tax, even if the family spent years and thousands of dollars preparing for that time.
“Farms and ranches are often passed down from one generation to the next,” said Stallman. “Young farmers and ranchers struggle enough, given current conditions, to enter the business on their own. The continued presence of the federal estate tax remains a significant barrier to many family farm succession plans.”
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2 years ago