Push to eliminate inheritance tax and create more savings incentives

National Grange ^ | Nov. 15, 2001 | Richard Weiss

[farmfriend]

Push to eliminate inheritance tax and create more savings incentives

Praising Grange staff for their efforts toward the new Inheritance Tax Bill, the delegates voted to continue lobbying for acceleration and eventual abolishment of the inheritance tax. Until that is achieved, the Grange will lobby for the tax basis to be on current use value and not the prospective development value.

The delegates also passed a resolution favoring legislation that would raise exempt contributions to IRA plans from the current $2,000 to $3,000 in 2002, $4,000 in 2003 and $5,000 in 2004. The Grange proposal would apply the $5,000 limit to people 50 or older in 2002. The resolution also calls for increasing the current $10,5000 exempt contribution to 401 (k) plans to $15,000 by 2005 with workers 50 and older able to make addition "catch-up" contributions of $5,000.

Other Taxation Committee proposals approved by the delegates include:

• Support of legislation providing federal tax credits or tax deductions to growers or grower co-operatives that build or own ethanol production facilities.
• Credit card companies assume full responsibility for all transactions for which they have issued an authorization number whether or not those transactions were actually scanned and signed for.
• The Grange urge state and federal agencies to work with the National Association of Insurance Commissioners to establish the necessary safeguards making it possible for the viatical industry to serve viators and investors in a responsible way.
• The National Grange go on record favoring the continued use of the penny in U.S. currency.

Founded in 1867, the National Grange is this nation's oldest general farm and rural public interest organization. The National Grange currently represents approximately 300,000 members affiliated with 3400 local, county and state Grange chapters across the nation. The National Grange will hold its 135th Annual Convention at the Crowne Plaza Hotel in Cedar Rapids, IA November 12-18, 2001. At that time, Grange delegates from across the nation will adopt grassroots policy positions related to the next Farm Bill and other rural issues.

[farmfriend]

indexing

[Freedom'sWorthIt]

Excellent work!