Yesterday, President Barack Obama reached agreement with Republican leaders in Congress to extend a number of Bush-era tax cuts. As part of this agreement, the estate tax rate would be set at 35% for two years and would apply only to estates over $5 million. Under current law, the estate tax has lapsed for 2010 and is set to spring next year to 55%.
Groups representing America's farming and ranching families supported measures introduced by Senators Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) that would drop the Death Tax rate to 35% with a $5 million estate value minimum.
This agreement to extend these rate levels for 2 years is good news for cattlemen and may prove a good anchor point to continue talks for full exemptions from the Death Tax for American farmers and ranchers.
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