| NOVEMBER 23, 2010 -- The National Grange, in a collaborative effort to relieve the financial struggles experienced by rural Americans, joined the Agricultural Retailers Association and other agricultural groups to urge Senate Leaders to both extend the Bush tax cuts of 2001 and 2003 and repeal the estate tax.
In their letter, the associations explain how the recent economic downturn has left small business with numerous financial hardships and an increase in tax rates would only further reduce their growth and success. According to a recent study included in the letter, 50% of small business income and 67% of taxpayers with a gross income of over $200,000 will be affected by an increase in the top marginal income rates.
Furthermore, they explain that the estate tax, scheduled to be re-establish at a $1 million exemption with a top rate of 55%, has forced numerous families to sell assets in order to pay the tax. The assembled group believes this to be counterproductive to the government’s intention of restoring economic health and prosperity in rural America.
However, the organizations also admit that given the current economic situation, a full repeal of the estate tax is unlikely. The letter states “…at a minimum we support permanently raising the exemption to $5 million per person and reducing the top rate to 35 percent.”
For more information on the National Grange please visit http://www.nationalgrange.org
About the National Grange
The National Grange is the nation’s oldest agricultural and rural community organization, and has evolved to incorporate the interests of non-farm rural families and communities, as well as the traditional interests of family farmers and ranchers. It has nearly 3,000 state, local, and grassroots chapters across 40 states. |
