July 17, 2000

Vol. 79, No. 13

Senate kills death tax

Farm Bureau's long-sought goal of repealing the federal death tax moved closer to reality last week as the Senate approved legislation, 59-39, to repeal the tax by 2010.

The measure, which passed the House last month, totally eliminates death taxes by 2010.  At that time, $5.6 million of assets per family would retain stepped-up basis, which would protect families from high capital gains taxes.

American Farm Bureau Federation President Bob Stallman said the organization is "very pleased" with Congress' action. He called the administration's veto threats "unfortunate and unwise" and he urged President Clinton to sign the measure.

FRONT PAGE      PAST ISSUES      MEMBERSHIP UPDATE      CONTACT US