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


Death Tax Relief is Part of House Passed Tax Package- NCBA Cheers

Thu, 02 Aug 2012 04:17:39 CDT

Death Tax Relief is Part of House Passed Tax Package- NCBA Cheers The U.S. House of Representatives today voted to extend the current tax code for another year. This includes keeping the estate tax, known as the death tax, at its current level of 35 percent for estates worth more than $5 million per individual and $10 million per couple. The Death Tax fix for another 12 months is a part of H.R. 8, the Job Protection and Recession Prevention Act. This legislation provides a one-year extension of existing tax rates, preventing a tax hike on January 1, 2013. It passed the U.S. House of Representatives on Wednesday with a 256 to 171 vote.

Tackling the death tax is the top priority for the National Cattlemen's beef Association- the oldest and largest beef industry organization in the United States. The death tax directly affects family-owned small businesses, such as farms and ranches, because of the burden it places on families hoping to pass their business on to the next generation.

Even though full repeal of the death tax is the top priority for NCBA, Kent Bacus, associate director of legislative affairs, says the plan passed by the House today is a step in the right direction.

“The good news is that the House-passed tax package provides a continuation of current estate tax relief through 2013. NCBA encourages both the House and Senate to keep the estate tax provision in any final tax package,” said Bacus.

If Congress fails to act by the end of 2012, the death tax will revert to a $1 million exemption level at a 55 percent tax rate.

“Most farmers and ranchers would trip the $1 million threshold on land values alone. Land values are through the roof and all of the assets it takes to operate a farm or ranch, including livestock, farm machinery and more, would hit the majority of farm and ranch families throughout the country,” said Bacus. “This is not a tax on the wealthy. We must find permanent relief or risk taking land out of production agriculture, threatening our ability to provide food for U.S. consumers and abroad.”

The House is scheduled to discuss the future of comprehensive tax reform on Thursday.

“If Congress is serious about comprehensive tax reform, it must provide permanency in the tax code and provide permanent relief from the death tax. Farmers and ranchers already face unpredictable conditions such as the weather and input costs, but the tax code should not be an unpredictable situation they should face,” said Bacus. “Until full repeal of the death tax can be achieved, at minimum, Congress should maintain the current estate tax relief.”



   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Friday, June 14, 2019  Fri, 14 Jun 2019 16:39:02 CDT
  • Friday Market Wrap-Up with Justin Lewis  Fri, 14 Jun 2019 14:22:04 CDT
  • Friday Afternoon Market Wrap-Up with Carson Horn   Fri, 14 Jun 2019 14:02:28 CDT
  • Cattle Producers Should Watch for Signs of Blackleg and Anthrax After Floodwaters Recede  Fri, 14 Jun 2019 13:28:28 CDT
  • Emergency Watershed Protection Program Now Available to Help Flooded Farmers Back on Their Feet  Fri, 14 Jun 2019 13:23:02 CDT
  • Agriculture Secretary Sonny Perdue Announces New Dairy Margin Coverage Signup Begins June 17  Fri, 14 Jun 2019 13:13:46 CDT
  • Ron Hays Talks Floods, 4-H and Youth with Oklahoma State Secretary of Agriculture Blayne Arthur  Fri, 14 Jun 2019 13:02:39 CDT
  • Texas Cattle Feeders Association Launches New Website Devoted to Telling the Cattle Feeding Story  Fri, 14 Jun 2019 09:41:38 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show AFR Insurance Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com


       
       
    © 2008-2019 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.