Source: Agricultural Retailers Association
The Agricultural Retailers Association (ARA) and 22 national and state agribusiness groups sent a letter to the Senate Finance Committee calling for permanent repeal of the estate tax, which is critical for agribusinesses around the U.S. The agribusiness coalition included representatives from ag lending, seed, chemical, fertilizer, equipment, applicators and retail/distribution sectors of the agricultural economy.
In the letter to Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Charles Grassley (R-Iowa), the organizations stressed the importance of permanently repealing the estate tax, or "at a minimum...support permanently raising the exemption to $5 million per spouse and reducing the top rate to 35 percent." The letter added, "It is also imperative that the exemption be indexed to inflation, provide for spousal transfers and include the stepped-up basis."