More than 30 groups representing the agriculture industry have sent letters to the House of Representatives and the Senate to urge them to provide farmers and ranchers with permanent and meaningful relief from the estate tax. At the end of the year – current estate tax relief is set to expire. Exemption levels will drop to one-million dollars per individual and the tax rate will increase to 55-percent. National Cattlemen’s Beef Association President J.D. Alexander says that would have a devastating impact on the cattle industry. He says America’s farmers and ranchers are small business owners who cannot afford to foot the bill for government inaction. According to Alexander – the fate of American agriculture and our economic recovery rests on there being certainty in the tax code and continued relief from the burdensome death tax.
Reducing the tax burden on cattlemen and women has always been a top priority for NCBA and the beef cattle community. NCBA has been fighting for full and permanent repeal of the estate tax for decades. At a minimum – Alexander says NCBA supports extending the exemption level of five-million dollars per person and the top rate of 35-percent until permanent repeal is achievable.
Alexander says NCBA will continue to make this issue a top priority until there is certainty in the tax code and rural America is relieved from the devastating effects of the estate tax. NCBA believes eliminating the death tax is an important step in stimulating the nation’s economy. Alexander notes uncertainty in the tax code – specifically with the estate tax – creates an unnecessary burden for farmers and ranchers who are forced to set aside valuable resources for estate planning instead of investing in the expansion of their family business.
Source: NAFB News Serivce