Wednesday, November 28, 2012
As I have previously discussed, farmers and ranchers are worried about the adverse potential effects of allowing the Bush-era estate tax exemption to decrease and the rate to rise. This economic reality and their plight has been heard by members of the Senate who have decided to cross the aisle to support those who could be most affected by the inaction of Congress. For example, Democratic Senator and the Finance Committee Chair Max Baucus has decided to support maintaining the estate tax exemption at $5 Million with the tax rate at 35%. He claimed that he also wants to "maintain a wind production tax credit, which has helped create amount 2,000 jobs in his state."
See Kevin Robillard, Report: Max Baucus Wants To Preserve Estate-Tax Cut, Politico.com, Nov. 26, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.