AFBF economist doesn't foresee retroactive estate tax for 2010
Created: 8/17/10 (Tue) | Topic: Issues
At a forum with the news media Monday sponsored by the American Petroleum Institute in Washington, D.C., Bob Young, American Farm Bureau Federation chief economist, said the longer Congress drags out settling an estate tax rate and exemption level, the less likely it is to impose a retroactive tax for 2010.
“The longer it goes on, the tougher it will be for them to come back and extract those taxes. I’m not hearing a big political push to do it,” Young said, who told journalists repeal of the estate tax is the No. 1 tax issue for Farm Bureau.
“Agriculture is a very capital-intensive industry. You got to have a lot of land in order to do what it is that we do, and that really becomes a farmer’s (Individual Retirement Account) or their retirement fund, if you will, and that also becomes very important for the next generation to be able to stay in agriculture production,” Young said.