Beef Buzz News
Current Congress Unlikely to Repeal Death Tax Says NCBA's Danielle Beck
Fri, 12 Mar 2021 08:26:29 CST
Abolishing the estate tax will be difficult with the current Democrat-controlled Congress said Danielle Beck, senior director of government affairs for the National Cattlemen's Beef Association.
Beck said farmers and ranchers want a permanent elimination of the so called "death tax."
Any individual whose property or estate is over $10 million for individuasl and $20 million for couples, could be faced with a 40 percent tax rate, she said.
We have long advocated for full permanent repeal of the death tax, she said.
Bipartisan legislation has been introduced with 26 Senators and 123 Representatives have signed on to support the bill but that is not enough to get it passed.
President Biden, who is looking for more ways to increase revenue, has indicated rolling back the exemption levels to pre 2012 which would mean about a $3.5 million exemption for individuals with a 45 percent tax rate, Beck said.
Democrats are getting an early start on tax hikes with a trio of little noticed tax increases focused on big corporations in the latest Covid relief bill, she noted.
We at NCBA are engaging on this issue and at the end of the day a lot of law makers who are not tied to ag production forget farmers and ranchers are small businesses and we appreciate the value of taxes but an effective tax code
needs to be equitable, Beck said.
Click on the LISTEN BAR below to hear more comments from NCBA's Danielle Beck.
The Beef buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Ron Hays Beef Buzzes With Danielle Beck
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