Estate taxes an issue again

Created: 7/09/12 (Mon) | Topic: Issues

The Unemployment Insurance Reauthorization and Job Creation Act of 2010 set the estate tax exemption at $5 million per person and the top rate at 35 percent for 2011 and 2012. But without congressional action, in 2013, the estate tax exemption will shrink to $1 million per peron and the top rate will increase to 55 percent.

What's more, the 2010 act put in place a new privision that allows the unused portion of a spous'es exemption to be used by a surviving spouse. There would be no such privision if the estate tax exemption reverted back to the $1 million exemption.

In this week's NDFB Newsline, North Dakota Farm Bureau President Doyle Johannes talks about the need to permanently repeal estate taxes. To download to the mp3 audio on estate taxes, click here.  To go to the NDFB Newsline page, click here.

To read a blog post from Sarah Wilson about her family's struggle with estate taxes, click here.

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