Legislation introduced in both the House and Senate would eliminate the estate tax.
The 2017 Tax Cuts and Jobs Act temporarily doubles the estate tax exemption to $11 million per person indexed for inflation through 2025.
However, without congressional action, the estate tax exemption will revert to $5.5 million per person in 2026, putting even more farms and ranches at risk.
And some lawmakers are hoping to end the extension to pay for spending priorities.
American Farm Bureau Federation President Zippy Duvall says, “Eliminating the estate tax removes another barrier to entry” for future family farmers.
National Cattlemen’s Beef Association President Jerry Bohn says, “The estate tax disproportionately harms cattle producers because with few options to pay off tax liabilities,” while announcing the organization’s support for the bills.
The effort, however, is largely symbolic.
Previous efforts failed to gain traction during the Trump administration, when Republicans controlled both the House and Senate.
