By Mike Barnett
The cost of dying would have been a lot higher on Jan. 1 if Congress hadn’t stepped in at the last minute and dealt with the estate tax—commonly known as the death tax in farm country.
The certainty of what was passed into law and signed by the president beats the disastrous consequences if Congress hadn’t acted. We were looking at a $1 million exemption with an onerous 55 percent tax rate for the beginning of the New Year. That placed a bull’s eye squarely on the backs of almost every Texas farmer and rancher and would have taxed their heirs out of business.Read More