By Jay Heflin - 11/05/10 01:43 PM EDT
"Whether they won reelection or they're headed out the door, we've got to get all members of Congress focused on fixing the death tax," he said in prepared remarks. "Our industry has had a rough two years with this administration and this Congress."
Woodall prefers permanent repeal of the tax, but does not think it is doable.
Instead, he urges lawmakers to pass the compromise by Sens. Blanche Lincoln (D-Ark.) and Jon Kyl (R-Ariz.) that would levy a 35 percent tax on estates worth more than $5 million.
Absent congressional action, the estate tax will return in January to pre-2001 levels and place a 55 percent tax on estates worth more than $1 million.
"If nothing is done, the death tax will hit a lot of cattle operations, a lot of family farms, and we can't let that happen," he said.