ND Farm Bureau head worried about estate tax boost - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

ND Farm Bureau head worried about estate tax boost

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The president of the North Dakota Farm Bureau says he's worried about the possibility of a large increase in the federal estate tax.

The problem is part of a larger budget and tax package in Washington that's called the "fiscal cliff." If Congress doesn't strike a deal, tax rates will go up at the end of the year.

Farm Bureau President Doyle Johannes says the estate tax rate could jump from 35% to 55%, and estates worth more than $1 million could be taxed. Right now estates aren't taxed unless they're worth more than $5 million.

Johannes says if the changes take effect an average 1,200-acre North Dakota farm could owe $2 million in estate tax. He says that could force the breakup of family farms.

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