The National Cattlemen’s Beef Association applauded the introduction of legislation designed to kill the estate tax. The Death Tax Repeal Act of 2017 was introduced by Republican John Thune of South Dakota and by Representatives Kristi Noem of South Dakota and Georgia Democrat Sanford Bishop. “As a fourth-generation cattle producer,” said NCBA President Tracy Brunner, “I can attest that the death tax can wreak havoc with agricultural families, and it’s long past time we kill it once and for all.” NCBA has long pressed for a permanent repeal of the death tax. Ninety-six percent of American farms are owned by families who are asset-rich and cash poor. Most of the typical estate value comes from assets like land, livestock, and the machinery farmers use in production. The death tax often forces families to pay based on the non-liquid value of those assets.
Brunner added, “We thank Senator Thune and Representatives Noem and Bishop for introducing this common-sense bill and hope that Congress will pass it as soon as possible.”
Source: NAFB News Service