Support for Family Farms: A Boost to the Economy
Illinois Government Considers Raising Estate Tax Threshold
According to JusttheNews, The Illinois government is thinking about changing the rules for how much money you need to have to avoid paying taxes when someone dies. Right now, if you have less than $4 million, you don’t have to pay taxes. But some people think this is too low and that it’s causing problems for family farms. These farms are very important to Illinois and many other states because they grow our food and help our economy.
Brian Duncan is the leader of the Illinois Farm Bureau. He says that when someone dies, their family should be able to keep their farm without having to sell it. He thinks that raising the amount of money needed to avoid paying taxes would help keep family farms alive. This would be good for the families who own these farms and for the people who live in rural areas.
Preserving Family Farms: A Key to Rural Development
Governor J.B. Pritzker likes this idea too. He thinks that family farms are very important to Illinois and that we should help them stay alive. He wants to make sure that these farms can keep running and providing food and jobs for people. If this idea becomes a law, it could help keep family farms in Illinois and make sure they can continue to thrive.
