WASHINGTON, D.C. – "The American Farm Bureau Federation applauds President Obama and congressional leaders for reaching an agreement on a framework for extending tax breaks for families at all income levels for two years. Farmers and ranchers are pleased the accord includes estate tax relief that establishes a $5 million estate tax exemption and a maximum rate of 35 percent.
"Farm Bureau has long backed the Lincoln-Kyl bill that contains the $5 million exemption and maximum rate of 35 percent, and we are pleased the framework addresses the estate tax. For America’s farm and ranch families, passage of estate tax relief is the single most important tax issue left unresolved by Congress.
"We urge Congress to take action now to turn the agreement into legislation that can pass in the closing days of the 111th Congress."
SOURCE: American Farm Bureau Association