Christmas came more than a week early this year, as the House voted just before midnight Thursday to pass the tax package that includes presents for everyone.

The final vote was 277-148 on the Middle Class Tax Relief Act of 2010 (H.R. 4853) which is expected to be signed into law immediately by President Obama. The bill includes another year of unemployment benefits for those who are out of work, estate tax relief for farmers and ranchers who want to pass their operations on to their families when they die, extensions for both ethanol and biodiesel tax incentives – and something for just about everyone else. All this happening in just about a week – truly a Christmas miracle to see something move so quickly in Washington DC!

The package passed virtually unchanged from the deal President Obama made a week ago with Republicans, despite opposition from Democrats in the House who especially wanted to challenge the estate tax provisions. The bill allows for an exemption on estate taxes of up to $5 million dollars for an individual or $10 million for a couple, and 35% on anything higher than that. Agricultural groups have been united in fighting for reform of the so-called death tax because it can result in heirs having to sell off family farm operations to pay taxes. There has been no estate tax at all this year, but it was scheduled to go back up to 55% with the expiration of the Bush-era tax cuts at the end of this year. At the end of last month, more than 30 agricultural organizations sent letters to Congress and the president and held a press conference urging reform of the tax. Among the groups were the National Cattlemen’s Association, American Farm Bureau Federation, the American Soybean Association, National Association of Wheat Growers, the National Corn Growers Association, National Cotton Council, National Farmers Union National Milk Producers Federation, National Pork Producers Council and the Public Lands Council.

Merry Christmas to all – and for all a very good night!