U.S. Cattle Producers Support Senate Legislation to Repeal Death Tax
|WASHINGTON (March 30, 2023) – The National Cattlemen’s Beef Association (NCBA) strongly supports legislation introduced today by Sen. John Thune (R-SD) to repeal the federal estate tax, commonly referred to as the Death Tax.|
“No cattle producer should ever be forced to sell their family’s farm or ranch to pay a tax bill due to the death of a family member. Repealing the Death Tax is a commonsense way to keep the farm or ranch in the family,” said NCBA President and South Dakota cattle producer Todd Wilkinson. “As a land-based, capital-intensive industry, most cattle producing families are asset-rich and cash-poor, with few options to pay off tax liabilities. It is unacceptable that some families are forced to sell off land, farm equipment, parts of the operation, or the entire ranch to pay the estate tax. We need a tax code that promotes the continuation of family-owned businesses instead of breaking them up.”
Ensuring a farm or ranch can be passed to children or grandchildren is a priority for family-owned farms, ranches and agricultural businesses. It is critically important that producers and business owners have permanent relief from the Death Tax. Current Death Tax relief is set to expire at the end of 2025, and it is vital that Congress takes immediate action to provide permanent relief for agricultural families. NCBA is committed to working with Senator Thune and members of the Senate and House, those who support American cattlemen and women and rural communities to kill the Death Tax.
|The National Cattlemen’s Beef Association (NCBA) has represented America’s cattle producers since 1898, preserving the heritage and strength of the industry through education and public policy. As the largest association of cattle producers, NCBA works to create new markets and increase demand for beef. Efforts are made possible through membership contributions. To join, contact NCBA at 1-866-BEEF-USA or email@example.com.|