067 – New Farm Bill in 2013

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Farm Bill Extensionfarm bill extension

OK it is only a 9 month extension of some of the previous farm bill.

Other big issues in fiscal cliff deal.

1. Inheritance tax $5 million exemption per person with a 40% (used to be 35%) tax rate above that.

2. Capital gains over the $450,000/$400,000 threshold 20% rate.

I also look at and examine what I know about the details of the farm bill extension.

The political implications of this deal are probably bigger than the deal themselves.

What now happens in 2 months????  Debt limit is reached and automatic spending cuts will kick in.  It is going to be interesting.

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