The Estate Tax Needs Your Support!
Farmers and ranchers are disproportionately impacted by estate taxes due to the value of farmland, making it difficult to continue a family business after the death of a loved one. Many of you have experienced the impacts of the estate tax, or death tax. Imagine if other farmers and ranchers did not have to deal with this subject.
American Farm Bureau firmly supports the Death Tax Repeal Act of 2021 [H.R. 1712/S. 617] introduced by Representatives Jason Smith (R-SD) and Sanford Bishop (D-GA), and Senator John Thune (R-SD).
The Tax Cuts and Jobs Act of 2017 temporarily doubled the estate tax exemption from $5.5 million to $11 million per person through 2025. If this exemption were to be reduced it would be devastating to the continuity of America’s farms and ranches, impacting 10% of farms or 65% of farmland.