Wednesday, January 02, 2013
A new year means new changes in support and taxes for Illinois
farmers as Congress makes a "fiscal cliff" deal this week.
The U.S. Senate and the House Ag Committee worked out a compromise
and added a nine-month extension to the current farm bill. This
extension also includes changes to dairy supports.
The National Milk Producers Federation sees it differently,
calling the Senate vote "a devastating blow to the nation's dairy
farmers. NMPF President and CEO Jerry Kozak added, "Dairy farmers
across the country have united behind the Dairy Security Act
provisions in the original farm bills that have already been
approved by the full Senate and by the House Agriculture Committee.
These stop-gap efforts don't even qualify as kicking the can down
Estates will be taxed at a top rate of 40%, with the first $5
million in value exempted for individual estates and $10 million
for family estates. In 2012, such estates were subject to a top
rate of 35%.
Income Tax Rates
Extends decade-old tax cuts on incomes up to $400,000 for
individuals, $450,000 for couples. Earnings above those amounts
would be taxed at a rate of 39.6%, up from the current 35%. Extends
Clinton-era caps on itemized deductions and the phase-out of the
personal exemption for individuals making more than $250,000 and
couples earning more than $300,000.
Taxes on capital gains and dividend income exceeding $400,000 for
individuals and $450,000 for families would increase from 15% to
Illinois Farm Bureau has worked tirelessly to prevent the
farming community from being carried over the fiscal cliff. Talking
to legislators, speaking at Congressional hearings, explaining the
complexities to the public… IFB and its members are dedicated to
sound legislation and will continue to support it.
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