Beef Buzz News
NCBA's Danielle Beck Says Eliminating Stepped Up Basis Would Severely Hurt Family Farms
Wed, 30 Jun 2021 08:08:55 CDT
The Biden Administration's ambitious spending and taxing plans are creating concern among cattle producers, said Danielle Beck, senior director of government affairs for the National Cattlemen's Beef Association.
At the top of the cattlemen's' list is a change in stepped up basis.
Stepped up basis is absolutely the number one tax priority we're focused on here in Washington, D.C., Beck said.
The President's plan would repeal a step up in basis for any assets over $1 million.
Under his proposal any gain in excess of $1 million would be hit with a capital gains tax, Beck said.
There is also talk of raising the top capital gains rate, she added.
With land being the largest asset in agriculture and with many multi-generation operations, the $1 million threshold would be easily reached.
Beck said there has been discussion of protection for family farms as long as they stay in the family, but that is a very complicated proposal to achieve as the tax code does not recognize family as nephews and cousins.
Ultimately, we can't afford to lose stepped up basis.
The NCBA official said there have been studies indicating agriculture would be severely impacted if stepped up basis is eliminated.
Beck points out it is not just agriculture that would feel the pinch.
She quoted one study that showed the total impact on all family-owned businesses of eliminating stepped up basis would be a loss of 80,000 jobs in each of the first ten years and 100,000 jobs would be lost each year thereafter.
It's estimated to decrease GDP by $10 billion annually or $100 billion over ten years.
Family businesses will be hurt the most, she said.
Agriculture producers need to be communicating this to their congressmen, she said.
Direct input from constituents really does make a difference, 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
right-click to download mp3
WebReadyTM Powered by WireReady® NSI
Beef News
January Cattle on Feed Report Three Percent Under Year Ago- Derrell Peel Says Tighter Supplies Will Be Around for Awhile Mon, 23 Jan 2023 05:15:04 CST
Derrell Peel Talks Latest Cattle on Feed Report- Showing Fewer Cattle on Feed, Lighter Placements and Stronger Marketings. Mon, 26 Dec 2022 08:19:00 CST
Kara Lee with Certified Angus Beef Tells Cattlemen 'Cut the Bull' Fri, 23 Dec 2022 14:30:39 CST
Beef Checkoff Utilizes Digital Marketing Techniques to Interact with Consumers Thu, 22 Dec 2022 16:02:51 CST
Beef Checkoff Research, Education, and Promotion Efforts Point Consumers to Beef Wed, 21 Dec 2022 16:15:46 CST
OSU Economist Derrell Peel Expects US Beef Export Strength to Continue Into the New Year Tue, 20 Dec 2022 08:00:35 CST
NPPC's Michael Formica Feeling Positive About Supreme Courts Upcoming Proposition 12 Decision Mon, 05 Dec 2022 10:08:27 CST
NCBA Fights to Improve Marketing Options for Cattle Producers Fri, 02 Dec 2022 09:58:28 CST
Chinese Consumers Continue to Grow Appetite for U.S. Beef Thu, 01 Dec 2022 09:23:49 CST
Merck Creates Value for Producers and Consumers with Technology and Biopharmaceuticals Wed, 30 Nov 2022 09:55:28 CST
NCBA’s Todd Wilkinson Ready to Fight Back Against Regulatory Overreach in the Cattle Industry Tue, 29 Nov 2022 10:13:33 CST
NCBA and PLC Call ESA Listing Plan of Lesser Prairie Chicken Punitive for Cattle Producers in Southern Plains Wed, 23 Nov 2022 14:51:02 CST
November Cattle on Feed Report Confirms October Pattern of Lower Placements and Tighter Cattle Numbers in Feedlots Tue, 22 Nov 2022 05:07:02 CST
Turning the Corner- OSU's Derrell Peel Sees Tighter Cattle Inventories into 2023 in Latest Cattle on Feed Report Mon, 21 Nov 2022 04:36:33 CST
Turning the Corner- OSU's Derrell Peel Sees Tighter Cattle Inventories into 2023 in Latest Cattle on Feed Report Mon, 21 Nov 2022 04:27:40 CST
Midterm Elections to Set Stage for What Can Be Expected in 2023 Farm Bill Mon, 07 Nov 2022 12:13:57 CST
USMEF's Dan Halstrom Remains Cautiously Optimistic about Strong Beef Demand Going Forward Thu, 03 Nov 2022 09:35:46 CDT
Economic Factors Create Hesitancy in Beef Plant Expansion Plans Wed, 02 Nov 2022 11:03:34 CDT
NCBA's Mike Simone Says Consumer Interest in Fake Meat is on the Decline Tue, 01 Nov 2022 11:41:02 CDT
Beef Remains Valued Product for Consumers as it Allows Them to Stretch their Dollar Mon, 31 Oct 2022 09:15:56 CDT
Hugh Aljoe Provides Methods to Begin and Maintain Good Land Stewardship Fri, 28 Oct 2022 09:30:13 CDT
Implement Soil Health Practices Now to Increase Forage Production when Rains Come Thu, 27 Oct 2022 15:14:07 CDT
Third Beef. It's What's For Dinner. 300 Promotes the Beef Industry on a National Level Wed, 26 Oct 2022 15:32:23 CDT
Latest Cattle on Feed Report from USDA Implies Fewer Pounds of Beef Available in 2023 Tue, 25 Oct 2022 10:17:53 CDT
OSU's Derrell Peel- Lower Placements and Smaller On Feed Number Highlight October Cattle on Feed Report Sun, 23 Oct 2022 12:45:37 CDT
Beef Checkoff Research Continues to Share Beef Sustainability Story with Consumers Fri, 21 Oct 2022 09:23:36 CDT
Beef Checkoff Research Works to Ensure Consumers Beef is a Product They Can Trust Thu, 20 Oct 2022 13:44:44 CDT
Odds for Significant Wheat Pasture Going Lower Daily in the Southern Plains Wed, 19 Oct 2022 14:35:46 CDT
NCBA Weighs in on California's Proposition 12 Tue, 18 Oct 2022 11:32:24 CDT
2022 Stockyards Steak Out Takes Oklahoma Beef to the Next Level Mon, 17 Oct 2022 11:09:07 CDT
Holding Onto Your Cow Herd a Little Longer is Projected to Pay Off, says Randy Blach Fri, 14 Oct 2022 08:14:05 CDT
Randy Blach Confident in Better Cattle Market Conditions Down the Road Thu, 13 Oct 2022 09:43:02 CDT
No Imports or Exports Would Result in a Smaller U.S. Beef Cattle Industry Wed, 12 Oct 2022 16:11:15 CDT
Derrell Peel Explains Why International Trade of Beef is Valuable Tue, 11 Oct 2022 08:19:29 CDT
Animal Agriculture Hopeful for a Win as U.S. Supreme Court Looks at California's Proposition 12 Mon, 10 Oct 2022 09:26:17 CDT