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Estate Tax ACTION REQUEST — Call Senators Durbin and Burris Today!

September 14, 2010

 If Congress fails to act on the federal estate tax, it will return in full force in 2011 with a $1 million personal exemption and 55% tax rate. 

Call your U.S. Senators today, tomorrow, and Thursday.

  • Senator Durbin at 202-224-2152
  • Senator Burris at 202-224-2854

 Tell Senator Durbin and Senator Burris that we need action on the estate tax this year and that you support the Lincoln-Kyl proposal.  Lincoln-Kyl would gradually raise the individual personal exemption to $5 million and index it to inflation over the next years.  It would reduce the tax rate from 45 to 35 percent over the next decade.

The future of American agriculture depends on the estate tax exemption, and whether or not farmers can afford to stay on the land they farm and can afford to purchase the land they need!  Because estate taxes influence the sale of land, this tax can interfere with the orderly transfer of farmland to the next generation of farmers. 
 
The facts are:
  • Individuals, family partnerships or family corporations own 98 percent of our nation’s 2 million farms and ranches.
  • Estate taxes threaten family owned farm and the livelihoods of families who make their living in production agriculture.
  • It takes two and half years of farm returns for a moderate-sized farm operation to pay off the estate tax owed.
  • The average price of Illinois farmland has doubled over the past six years.

Your messages are critical in making sure that federal estate taxes are acted upon this year.  Contact your U.S. Senators September 14-16 and report those contacts to us by emailing fbact@ilfb.org or calling 800-879-1976.

 

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