Lawmakers Seek Estate Tax Repeal

The estate tax, or “death tax” as many farmers call it, can sometimes force farmers and farm owners to liquidate assets to meet tax obligations that can reach 40% of total asset value. It’s a tremendous weight on many large family farms, especially when managing a farm estate or conducting an intergenerational transfer of farm assets. A bipartisan trio of farm-state senators introduced a bill this week to completely repeal the estate tax that they say “may be the most unfair tax on the books” to family farmers. The bill introduced this week got immediate support from major farm groups like the American Farm Bureau Federation, National Cattlemen’s Beef Association and National Association of Manufacturers. See more on the estate tax bill.