President Trump’s renewed call on a North Dakota visit for full repeal of the estate tax is being praised by the American Farm Bureau. But ‘death tax’ repeal faces more hurdles as tax reform advances this fall.
AFBF tax adviser Pat Wolff suggests the President’s comments that the estate tax is a “tremendous burden” on family farmers can only help the long-fought cause of agriculture to end the tax levied at death.
But Wolff acknowledges the partisan fight ahead as critics argue that last year just 153 farms out of more than 38,000 paid any estate taxes totaling $44 million, or less than two percent of the $20 billion the tax generated.
But there is a ‘fairness’ issue.
Wolff says if there is to be a renewed fight over the estate tax, it’s likely to come behind the scenes or in committee, and repeal will be part of a larger reform package, not subject to a stand-alone vote, but still exposed to possible ‘horse trading.’
From the National Association of Farm Broadcasting News Service.