Beef Buzz News
NCBA Tackles ‘Death Tax’ as Major Issue Facing Producers
Thu, 20 Sep 2012 16:01:45 CDT
Kent Bacus says 'death tax' repeal is a major issue for the NCBA.
With the end of 2012 right around the corner, fears are growing that the United States will go lurching off the edge of a fiscal cliff as the tax code reverts to higher rates in several different areas including capital gains and the “death” tax. The House of Representatives voted this summer to keep the estate tax exemption at the $5 million level with a 35% tax rate. The Senate has yet to take up the bill.
Kent Bacus, associate director of legislative affairs for the National Cattlemen’s Beef Association, says that is the biggest issue facing agriculture as 2012 draws to a close.
“If Congress fails to act, then we’re going to see our current estate tax exemption level fall from $5 million per individual and $10 million per couple at a tax rate of 35 percent to a $1 million exemption level and a 55 percent tax rate. That keeps a lot of us awake at night because that’s going to affect a lot of our farm and ranch families.”
According to Bacus, 97 percent of American farms and ranches are owned and operated by families, and eliminating the death tax is an important step in stimulating the nation’s economy.
Bacus says action must come on this issue during the lame duck session of Congress and said it is imperative for farmers and ranchers to make their voices heard.
“So, what we’re doing is urging all of the farmers and ranchers out there to contact their members of Congress and encourage them to co-sponsor full repeal of the estate tax legislation in both the House and the Senate.”
He said farmers and ranchers need to send a very strong message to their members of Congress that if they are not able to fully repeal the estate tax, they at least need to leave the exemption and rates where they are-for now. He said that, depending on the outcome of this fall’s elections, it may be easier to get a full repeal next year.
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