Thousands of Missouri Farmers Could Face Higher Taxes

Senator Roy Blunt said that thousands of Missouri farmers could face higher taxes if current federal estate tax rates are allowed to expire. Missouri has about 100,000 farms, which is the second highest nationally. Blunt says only about 1,100 of those would be subject to the 35% federal estate tax which currently exempts the first $5million of an estate’s value. Unless congress takes action, the exemption in 2013 will drop to $1million and the tax rate will rise to 55%. Blunt says that about 15,000 farms could be subject to the tax at that lower threshold.