Agricultural News
TSCRA Pleased With House Passage of Death Tax Repeal Act
Fri, 17 Apr 2015 05:39:18 CDT
Texas and Southwestern Cattle Raisers Association Second Vice President Robert McKnight, a rancher from Fort Davis, Texas, Thursday made the following statement after the United States House of Representatives passed H.R. 1105, the Death Tax Repeal Act of 2015, with a 240-179 vote. The legislation was authored and championed by Rep. Kevin Brady (TX-8).
"Many ranching families have worked hard and sacrificed to build operations to pass down to their children and grandchildren," said McKnight. "Too often, when it comes time for ranchers to pass their property along to the next generation, the death of a family member also comes with a hefty federal estate tax. Unfortunately, this expensive tax frequently forces ranching families to sell their land and equipment so they can afford to pay it. This also forces ranchers to lay off workers, creating a ripple effect that negatively impacts the entire economy.
"As a seventh-generation cattleman who has dealt with the death tax on multiple occasions, I can tell you how emotional and frustrating it can be. I am pleased that the House took action today by passing the Death Tax Repeal Act. TSCRA appreciates Rep. Brady for his leadership on this legislation and we urge the Senate to promptly act on repealing the estate tax. Death should never be a taxable event," McKnight concluded.
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