Trump talks about tax reform in Bismarck, N.D.
(MANDAN, ND) – Today, Julie Ellingson, executive vice president of the North Dakota Stockmen’s Association and a fourth-generation Morton County cattle rancher, issued the following statement on the occasion of President Donald Trump’s visit to North Dakota:
“The North Dakota Stockmen’s Association is very excited to welcome President Trump to North Dakota today. We appreciate his acknowledgement of the importance of the state and its people to the economy of the United States, and look forward to learning more about his ideas for tax relief.
“North Dakota cattle ranchers share the president’s goal of reducing Americans’ tax burden, simplifying the tax process and reinvigorating the economy so we – and the generations that follow us – have more opportunities to grow and prosper.
“We all stand to benefit from comprehensive tax reform, if done right. For cattle producers, preservation and enhancement of important tools like cash accounting, interest business deductions, Section 179 expensing and like-kind exchanges are critical.
“Full and permanent repeal of the estate tax – better known as the death tax – is another priority. The death tax represents a major impediment to the generational transfer of family businesses after the death of a loved one, often requiring the family to sell off critical parts of their business to cover the tax liability. Equally important is the preservation of the stepped-up basis, which helps keep the business stable and allows surviving family members to carry on the family’s business and legacy.
“Cattle ranchers play a critical role in communities throughout North Dakota and across the country. We stand ready to work with our elected officials to develop comprehensive tax reform that lays the foundation for a vibrant rural economy in the years to come.”
–North Dakota Stockmen’s Association