Beltway Beef Audio News
NCBA strongly supports legislation introduced March 28, 2012, that will fight for full, permanent repeal of the estate tax. Senator John Thune (R-S.D.) introduced the Death Tax Repeal Permanency Act (S.2242) to abolish the federal estate tax. The bipartisan legislation is identical to the bill (H.R. 1259) introduced in the U.S. House of Representatives by Kevin Brady (R-Texas).
Rep. Brady says the tax is an unnecessary tax on small businesses and farm and ranch families across the country.
In December 2010, Congress passed temporary estate tax relief effective through December 31, 2012. For now, estates worth more than $5 million per individual, $10 million per couple are taxed at a rate of 35 percent. Unless Congress acts to provide permanent relief, the estate tax will revert back to pre-2001 levels where estates worth more than $1 million will be taxed at a rate of 55 percent. Congressman Brady's Death Tax Repeal Permanency Act would completely stop the federal government from considering death as a taxable event.