Agricultural News
NCBA Urges U.S. Senate to Repeal Death Tax
Wed, 22 Apr 2015 14:25:28 CDT
Down through the years, small businesses and several agricultural groups have fought hard to totally eliminate the federal estate tax, otherwise known as the "Death Tax". This last week the House of Representatives voted in favor of total repeal of the estate tax. The only problem is for supporters of the elimination of the death tax that vote in the House might be all they get. The Senate might consider the legislation, but ultimately it is highly unlikely that President Barack Obama would ever go along with a total repeal of the estate tax.
For supporters, like the National Cattlemen's Beef Association, the House vote to repeal the death tax was a great win. NCBA Vice President Government Affairs Colin Woodall said this was a huge victory because the bill passed by a significant margin and several Democrats came over to support the legislation.
"I think it's a good sign that maybe finally we have been able to convince these members of Congress, especially the House, that the death tax repeal is not going to help the Paris Hilton's of the world, because they can already afford the attorney's and the accountants to protect their assets," Woodall said. "This is going to help true small businessmen and women and farmers and ranchers who often find themselves asset rich and cash poor and are the ones that are typically hit by the death tax. So to have that finally resonant, to get such a good victory on our hands is really something that we are really proud of."
Radio Oklahoma Network Farm Director Ron Hays featured Woodall on the Beef Buzz feature. Click or tap on the LISTEN BAR below to listen to today's Beef Buzz.
The legislation will still have go to the Senate, before it can be sent to the President. Woodall said he believes the Senate will vote on the legislation before the end of the year. Senator John Thune of South Dakota has lead the effort in the Senate. He said he has seen as much support for addressing the death tax on the Senate side as they have seen on the House side. The bill might be voted on as a standalone bill or it could be rolled into a larger tax reform package. Woodall said tax reform also needs to be addressed in providing farmers and ranchers with making section 179 expensing permanent, along with making Conservation Easement Tax Incentives permanent.
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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