|E. Estate and Gift Tax Policy|
In lieu of estate tax repeal, we support estate tax relief for family-owned farms, ranches and small businesses in order to facilitate the transfer of those enterprises to the next generation. We also support:
1) Increasing the federal estate tax exemption per estate to $5 million permanently;
2) Indexing the exemption annually;
3) Simplifying the exemption qualification rules and requirements; and
4) Implementing graduated rates with a base rate of 35 percent.
We oppose shifting tax liability from the estate tax to the capital gains tax through the elimination of the “step-up” in basis provision.