Earlier this week US legislators gave a stamp of approval to the “American Taxpayer Relief Act of 2012.” While the move kept a number of tax cuts in place, Missouri 2nd District Congressman Casey Guernsey says the package also included language important to rural Missouri.
“If that farm bill hadn’t been passed and extended there would be some serious ramifications for farmers from their loans to the programs that they have to live by” he says. “Especially dairy, dairy is so overly regulated from the pricing to the market of the goods.”
The legislation also keeps the estate tax exemption at $5 million or $10 million per couple at a rate of 35-percent. Estates exceeding that threshold will be taxed at 40-percent.
Missouri legislators will return to work in the state capitol next week.
Click to hear KMZU’s Janet Adkison talk with Guernsey about the Farm Bill and the upcoming session…