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Ag Groups Endorse Repeal of Death Tax
USAgNet - 01/25/2017

The American Farm Bureau Federation is among the farm organizations that endorse legislation in the House and Senate to repeal the federal estate tax.

AFBF President Zippy Duvall said the bills are needed because farm and ranch families continue to face challenges to passing their family businesses to the next generation.

The AFBF-endorsed Death Tax Repeal Act of 2017 was introduced in the House by Rep. Kristi Noem (R-S.D.) and Rep. Sanford Bishop (D-Ga.). Sen. John Thune (R-S.D.) introduced a companion bill in the Senate.

"Farmers and ranchers face a number of factors that are unpredictable and beyond their control, from changing weather to fluctuating markets," Duvall said. "These family-run businesses need a tax code that encourages investment, rather than one that punishes their success. We believe that repeal of the estate tax offers the best solution to protect farms, ranches and all family-owned businesses from the estate tax."

Meanwhile, Trump's tax plan calls for reducing personal income tax rates from seven to three brackets: 12 percent, 25 percent and 33 percent. His plan also would increase the standard deduction to $15,000, up from $6,300 for single filers, and to $30,000 for married couples filing jointly, up from $12,600.

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