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death tax

ranch hand

Well-known member
I think this bill is a good one, you get the stepped up basis which you would lose with the one NCBA wants. Who do they have telling them what to do? They had better talk to a tax man first before they screw this one up.

CONGRESS PREPARES TO ADDRESS THE DEATH TAX AGAIN


On Monday, June 19 House Ways and Means Committee Chairman Bill Thomas (R-CA) quietly introduced H.R. 5638, a bill to make permanent changes to the structure of the Estate Tax. This language proposes to make permanent changes following the sunset date of 2010 for the current repeal measure. After that date, the bill would allow for an exemption on estates up to $5 million for individuals and $10 million for couples. Any estate value beyond these limits up to $25 million would be taxed at the capital gains rate, currently 15 percent. Estates in excess of $25 million would be taxed at a current rate of 30 percent. These exemption rates are not indexed to inflation. While these figures reflect the language included in the current bill, please understand that this language is being changed on a continual basis and a "final version" will likely be quite different from the existing language.

NCBA is not NOT supporting this bill. Until such time that we can fully evaluate the final language and determine how our producers will be impacted we are withholding our support and reserving the right to oppose this language. In the final analysis, NCBA's goal is looking for opportunities to eliminate death taxes for all producers, nationwide.

NCBA's policy directly and specifically supports full and permanent repeal, first and foremost. NCBA has also supported improvements that benefit our producers in past years. The belief among supporters of this legislation is that a compromise is better than nothing for 2011 and beyond. NCBA staff have met directly with Senate leaders on this issue, and it is unclear if there are adequate votes for passage of this package. Feedback from you will be vital in our decision process.

Below are links to a bill summary, the actual language of H.R. 5638, a document breaking down the costs of this language and a technical breakdown.

The content and summary of this bill are changing throughout the day so prior to making decisions of your own, ensure that you have the "latest" language and check back to the links often.
 
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