Issues of concern to people who live in the west: property rights, water rights, endangered species, livestock grazing, energy production, wilderness and western agriculture. Plus a few items on western history, western literature and the sport of rodeo... Frank DuBois served as the NM Secretary of Agriculture from 1988 to 2003. DuBois is a former legislative assistant to a U.S. Senator, a Deputy Assistant Secretary of Interior, and is the founder of the DuBois Rodeo Scholarship.
Tuesday, December 11, 2012
526,421 family farms threatened by new death tax
New legislation that jumps the death tax to 55
percent of estates exceeding $1 million threatens 526,421 family farms,
of about 25 percent of all farms in America, according to a Senate
analysis. According to the analysis from the Senate Republican Policy Committee, chaired by Wyoming's John Barrasso: If President Obama and Senate Democrats do not
act, the federal government will begin taking more than half the value
of family farm estates exceeding $1 million beginning next year. This
summer, Majority Leader Harry Reid and Senate Democrats passed
legislation (S.3412) on a party-line vote that allows Washington to take
up to 55 percent, a huge increase over today's top rate of 35 percent,
and drop the tax's exemption from $5.1 million to $1 million. The lower
exemption -- combined with soaring farm real estate values -- could put
more than 420,000 additional farm estates at risk from the death tax...more
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