There is really no hope of winning the battle to eliminate the estate tax, but there is hope of getting a reduction below what will automatically hit in 2011 if nothing is done, Farm Bureau tax expert Pat Wolff told members of the Kansas Farm Bureau attending the annual County Presidents Trip to Washington, D.C.
Wolff, who briefed the Kansas group Monday morning, said a bill in the house would provide a $3.5 million per person exemption to the estate tax and cut the rate from 55% to 45%. A Senate bill would provide a $5 million per person exemption and cut the rate to 35%.
"The best thing you can do is talk to your congressmen and senators about how the estate tax affects you and your ability to pass your farm to the next generation," she said. "They need to know."
Wolff also said there could be a re-instatement of the biodiesel tax incentive as early as Tuesday when a vote to invoke cloture will be taken.