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Bush
Signs Tax Cut Package into Law; Provides $1.35 Trillion in Relief over
10 Years (6-07-01)
With a stroke of
his pen, President Bush signed into law this morning his $1.35 trillion
tax cut package. NCGA Public Policy VP Bruce Knight attended the White
House bill signing ceremony. The comprehensive tax relief initiative
provides all Americans with current tax-year refunds ranging from $300
to $500, and a reduction in most tax rates, with the exception of the
15 percent rate. For agriculture, the big win is with the estate tax,
an issue on which NCGA sought relief for family farmers. The estate
tax will undergo a gradual reduction before it is repealed in 2010.
But during the interim period, the exemption from the estate tax-currently
set at $675,000-will increase to $3.5 million. Concurrently, the rate
at which estate assets are taxed would decline, from the current rate
of 55 percent to 45 percent in 2007. For farmers and ranchers who want
to perpetuate family ownership of their operations, this is welcomed
news.
Last
reviewed June 7, 2001
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