ISSUE 1119
SENATE
FAILS TO REPEAL ESTATE TAX The
U.S. Senate failed to permanently repeal the estate tax Thursday (June 8) by falling
three votes short of winning the 60 votes needed to advance the bill. Supporters,
largely Republican, told reporters that they remain hopeful a bipartisan compromise
to reduce the tax would occur before Congress recesses for the summer. Senator
Jon Kyl, R-Arizona, has offered an alternative that would not tax estates worth
under $5 million. Most estates exceeding $5 million would be taxed at capital
gains rates, but small farms and small family businesses would be exempt. His
proposal would also reduce the rate by two-thirds to 15 percent for those still
subject to the estate tax. ALSO IN THIS WEEK'S RAP-UP (Members-Only articles are indicated in bold.) USDA: FLORIDA CITRUS BANNED IN PRODUCING STATES IMPORTANT
AG BILLS SIGNED INTO LAW JOHANNS
RELEASES SECOND FARM BILL PAPER SENATE
FAILS TO REPEAL ESTATE TAX GOV.
BUSH SIGNS HURRICANE LEGISLATION USDA
EXTENDS DEADLINE TO COMPLETE EQIP PROJECTS REMINDER:
BOARD, COMMITTEE MEETINGS COMING SOON CHINA
- A THREAT TO U.S. PRODUCERS?
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