Estate tax, otherwise known as the “death tax,” is on a lot of farmers’ and commodity leaders’ minds lately, especially young farmers.
Representative Barry Moore from Alabama’s 2nd Congressional District shares his family’s experience.
“I see like my cousin’s son, he’s coming back. We have the land, we have the barns, we have the old shops, but they’re just sitting there empty. He is trying to come out and start a farm from the ground up and when I talk about the amount of money that he has to borrow and the paybacks, it’s so difficult to see how we protect those young farmers and how we make it to where they can get on their feet and get a start, especially if they don’t inherit everything they need.... in most cases, I think, that we have to figure out how to make sure young farmers have an opportunity.”
Rep. Moore says that simple education and making sure farms are not bogged down with legislation are ways to guide young farmers to either continue their family farm or start from scratch.
Related:
Missouri Farm Bureau: death should not be a taxable event
Texas A&M study finds tax proposal would raise taxes for 98% of farms
AFBF on legislation to eliminate the estate tax
Ag CPA on potential changes to estate tax