- Cape student sues, accuses school officials of slamming her to ground multiple times (04/28/16)46
- Neelys Landing man shot, killed by highway patrol trooper after traffic stop (05/01/16)42
- Bob Evans restaurant in Cape Girardeau among chain's 21 closings (04/26/16)9
- Missouri House votes to allow concealed weapons without permits (04/28/16)8
- Police report filed, but no charges in incident at Cape Central (04/29/16)40
- Two hurt in motorcycle wreck on Interstate 55 (04/25/16)1
- 2016 All-Missourian Boys Basketball (04/29/16)
- Senator introduces bill for I-57 that would connect Sikeston with Little Rock (04/28/16)4
- Law firm requests information about Cape's traffic cameras (04/25/16)3
- Local lawmakers split over failed medical marijuana bill; voters may have a say (04/26/16)19
Blunt: Estate tax change could hit Mo. farms
JEFFERSON CITY, Mo. - Sen. Roy Blunt says thousands of Missouri farmers could face higher taxes if the current federal estate tax rates are allowed to expire.
Missouri has about 100,000 farms, the second highest number nationally. Blunt says only about 1,100 of those would be subject to the 35 percent federal estate tax which currently exempts the first $5.1 million of an estate's value.
Unless Congress takes action, the exemption in 2013 will drop to $1 million and the tax rate will rise to 55 percent. Blunt says about 15,000 farms could be subject to the tax at that lower threshold.
The Republican senator says he prefers to repeal the estate tax but at least wants to extend the current exemption. Some Democrats want to lower the $5 million exemption.