Job One in Washington for Cattlemen is Estate Tax DealThu, 19 Jan 2012 07:30:46 CST
While the 2012 Cattle Industry Convention is still a couple of weeks away, the top NCBA priority for this year is expected to be estate tax reform.
According to NCBA Manager of Legislative Affairs Kent Bacus, the estate tax, commonly referred to as the death tax, is one of the leading causes of the breakup of multi-generation family farms and ranches. In December 2010, Congress passed temporary estate tax relief effective through Dec. 31, 2012. For now, estates worth more than $5 million per individual or $10 million per couple are taxed at a 35 percent rate.
Bacus says that movement on this issue is imperative- that reverting to a million dollar exemption is simply not an option. Getting Congressional action during this contentious Prsidential election year will be difficult, but Bacus says that NCBA is hopeful that with a lot of grass roots involvement, a deal can be done.
NCBA supports the Death Tax Permanency Repeal Act, introduced by Congressman Kevin Brady (R-Texas). Bacus says if a full repeal is not possible, the next best option is to make the 2010 package permanent.
You can hear comments with Kent Bacus on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network- but is also 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.
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