Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   
   
   

Agricultural News


Cattlemen Support Senate Bill on Permanent Estate Tax Repeal

Wed, 28 Mar 2012 17:56:35 CDT

Cattlemen Support Senate Bill on Permanent Estate Tax Repeal
The National Cattlemen’s Beef Association (NCBA), representing generations of farming and ranching families across the nation, strongly supports the introduction of legislation that will fight for full, permanent repeal of the estate tax. Senator John Thune (R-S.D.) introduced the Death Tax Repeal Permanency Act (S. 2242) to abolish the federal estate tax, which according to NCBA President J.D. Alexander, is an unnecessary tax on small businesses and farm and ranch families across the country. The bipartisan legislation is identical to the bill (H.R. 1259) introduced in the U.S. House of Representatives by Kevin Brady (R-Texas).

“By once again introducing legislation to repeal this onerous tax, lawmakers on both sides of Capitol Hill have demonstrated an understanding and appreciation for the immense burden this tax places on American cattle producers who are hoping to pass their operation on to the next generation,” said Alexander. “The death tax is detrimental to the farmers and ranchers who live off the land and run asset-rich, cash poor family-owned small businesses.”

Reducing the tax burden on ranchers has always been a top priority for NCBA and the beef cattle community. For decades, NCBA has urged full and permanent repeal of the estate tax.

“Our priority is to keep families in agriculture and this tax works against that goal,” said Alexander. “The appraised value of rural land is extremely inflated when compared to its agricultural value. Many cattle producers are forced to spend an enormous amount of money on attorneys or sell off land or parts of the operation to pay off tax liabilities. This takes more open space out of agriculture and usually puts it into the hands of urban developers.”

In December 2010, Congress passed temporary estate tax relief effective through December 31, 2012. For now, estates worth more than $5 million per individual, $10 million per couple are taxed at a rate of 35 percent. Unless Congress acts to provide permanent relief, the estate tax will revert back to pre-2001 levels where estates worth more than $1 million will be taxed at a rate of 55 percent. The Death Tax Repeal Permanency Act would completely stop the federal government from considering death as a taxable event.


   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Governor Fallin Modifies Burn Ban After Significant Rainfall Dropping Affected Counties from 36 to 14  Thu, 26 Apr 2018 16:18:26 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Thursday, April 26, 2018  Thu, 26 Apr 2018 16:02:42 CDT
  • Kim Anderson Says Market is Focused on Protein in HRW Wheat While Spring Wheat Acres Grow   Thu, 26 Apr 2018 15:59:06 CDT
  • Thursday Market Wrap-Up with Justin Lewis  Thu, 26 Apr 2018 14:37:00 CDT
  • Thursday Afternoon Market Wrap-Up with Carson Horn  Thu, 26 Apr 2018 14:33:44 CDT
  • Efforts to Extinguish Rhea Fire in Dewey County Wraping Up with Complex Reportedly 99% Contained  Thu, 26 Apr 2018 11:49:39 CDT
  • House Ag Committee Releases New Video Promoting Food Security as a National Security Issue  Thu, 26 Apr 2018 11:17:12 CDT
  • Solutions From The Land Group Suggests Policy Makers Should Build on Carbon-Nuetral Biomass  Thu, 26 Apr 2018 11:03:29 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Livestock Exchange Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Stillwater Milling American Farmers & Ranchers KIS FUTURES, INC. Oklahoma Cattlemen's Association Oklahoma City Farm Show

    Search OklahomaFarmReport.com

    Find more about Weather in Oklahoma City, OK

       
       
    © 2008-2018 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.