Featured
Story:
House Passes Death
Tax Repeal Act of 2015, Most Ag Groups Applaud
Vote
The
House voted 240 to 179 Thursday for full repeal of
the Death Tax, a tax that is threatening the
livelihoods of farmers and ranchers across the
country. House Agriculture Committee
Chairman Mike Conaway (R-TX)
Thursday issued the following statement after the
U.S. House of Representatives passed H.R. 1105,
the Death Tax Repeal Act of 2015, authored by
fellow Texan Rep. Kevin Brady
(R-TX).
"As a CPA, I know from
experience that the Death Tax hurts individuals
who have worked hard and saved all of their lives
in order to build up a nest egg for themselves and
their families. Farmers and ranchers are hit
especially hard, because their assets are
primarily land and equipment. When a farmer or
rancher passes away, even though he has already
paid taxes on everything he owns, the sons and
daughters who want to carry on the family
tradition will first have to get over the hurdle
of a whopping tax penalty that can reach as high
as 60 percent. A repeal of the death tax is long
overdue."
American
Farm Bureau Federation President Bob
Stallman released the following
statement. "Farmers and ranchers need tax
laws that protect their family businesses. They
don't want to be punished for their success. With
House passage of the Death Tax Repeal Act of 2015,
we are one step closer to tax reform that will
help farm families invest in the future and pass
their businesses on to the next generation."
Click here to read more from
AFBF.
National Cattlemen's
Beef Association President Philip Ellis
said H.R 1105 Death Tax Repeal Act of 2015 is
commonsense legislation necessary for rural
America. "When did it become appropriate to
tax death?" said Ellis, a multi-generational
rancher from Wyoming. Click here to read more from
NCBA.
National
Farmers Union (NFU) President
Roger Johnson opposed the death tax vote,
stating the move would place a larger tax burden
on American family farmers and ranchers.
"Repeal of the estate tax puts a larger tax burden
on those that are currently exempted from the
tax," said Johnson. "Over 99 percent of small
farms do not face the tax, as estates under $5.43
million, $10.86 million for couples, are exempted
from it. As a result, NFU opposes completely
eliminating the tax." Click here to read more from NFU.
At
the state/regional level- we also have reaction
from the Oklahoma Farm Bureau, American Farmers
& Ranchers, Oklahoma Cattlemen's Association
and the Texas-Southwestern Cattle Raisers.
Click
on the name of the group for their complete
statement-
Oklahoma Farm Bureau calls it a
great victory.
Terry Detrick with AFR agrees
with the House on the Repeal vote- but worries
about potential budget offsets hurting
agriculture.
OCA's Charlie Swanson calls this
"important legislation" and thanks the Oklahoma
House members for all voting for repeal.
The
TSCRA weighed in- saying they are
pleased with the House vote and offered thanks to
Texas lawmaker Kevin Brady for his leadership in
getting this bill to a point of being voted
on.
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