The National Cattlemen's Beef Association applauded the introduction of bipartisan legislation [last week] that would permanently kill the onerous death tax.The American Farm Bureau Federation has also voiced support for the bills.
The Death Tax Repeal Act of 2017 was introduced this week by U.S. Sen. John Thune of South Dakota and by U.S. Reps. Kristi Noem (R-SD) and Sanford Bishop (D-Ga.)
NCBA has long advocated for a full and permanent repeal of the death tax. In fact, 96 percent of American farms & ranches are owned and operated by families. Many farm and ranch families are asset-rich and cash-poor, with most of the value of their estate attributed to the value of the land, livestock, and equipment they use to grow food and fiber for consumers around the world. Yet the death tax forces them to pay based on the often non-liquid value of those assets.
The death tax also costs agricultural families a lot in unnecessary and unproductive compliance costs. According to the Joint Economic Committee, for every dollar of tax revenue raised from the death tax, a dollar is wasted in compliance costs. For example, in 2006, it was estimated that family businesses spent $27.8 billion just to comply with the law.
Tuesday, January 31, 2017
Cattlemen's groups back bills to repeal death tax
From a California Cattlemen's Association legislative bulletin: