Move along, nothing to see here. You have nothing to worry about.
U.S. Agriculture Secretary Tom Vilsack today defended proposals to reinstate the estate tax, despite concerns raised at an Iowa State Fair roundtable about the need for more rural capital and incentives for young farmers.
Vilsack, the former Iowa governor, said he thinks the estate tax will be restored. The key is having appropriate exemptions for people who want to pass their farm down to a family member or someone else, he said. He expects to see a large enough exemption to cover the “vast majority” of farms and ranches in the country, he said.
I’m sure you feel much better knowing Sec. Vilsack is looking out for you! Congress has failed to act on the estate tax problem this year and without a fix, many more farms than the good Secretary thinks, will be impacted.