Legislation Reintroduced to Kill Death Tax, Could it be Temporary?

January 26, 2017 10:38 AM
 
 

The first steps have been taken to abolish a tax many farmers dislike.

Sen. Chuck Grassley, R-Ia., reintroduced legislation to permanently repeal the federal estate tax, also known as the death tax.

The senator is calling the tax “punitive.” Grassley says it can unfairly target farm families as a result of the farm owner’s death. A similar version has been introduced in the house.

Grassley says he hopes the bill will be part of President Trump’s promise for tax reform.

Paul Neiffer, farm CPA and AgWeb contributor, says to be careful what you wish for, because other changes could follow.

“[The government] is floating around ideas where it might be like Canada where there could be a capital gains tax that’s owed at death,” said Neiffer. “Most of our farmers may want to keep the estate tax as it is now.”

Neiffer isn’t sure if there is enough votes to make the repeal permanent. If it does get passed, it could be for 10 years.

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Comments

 
Spell Check

ken howard
Maxwell, TX
1/27/2017 02:21 PM
 

  You guys do know that only the amount of inheritance over 5.45 million dollars is taxed now? So eliminating the death tax does nothing for me.

 
 

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