Jay Truitt Says It's Time to Put the "Death Tax" in the GroundMon, 18 May 2015 16:39:10 CDT
Congress has made some progress on addressing "death tax". The U.S. House of Representatives voted in favor of repeal of the nation's estate tax. Its fate is a lot more uncertain in the U.S. Senate. If it does get sent to President Barack Obama as a standalone measure, it will certainly be vetoed.
A decade ago, the nation's estate tax was repealed for a short while. At the time, Jay Truitt was the head lobbyist for the National Cattlemen's Beef Association (NCBA). He said repeal of the death tax was part of a bigger package.
"In that environment, I think you can do it and you can make it stick," Truitt said. "The problem was we put a sunset clause on that, believing we would extend that entire package and we didn't. That was a failure on all of our parts."
Truitt said the best chance of getting total repeal is having the bill in the middle of a bigger package. As a standalone measure, he said it's really tough to get full and final repeal.
"We should do it, there's no doubt about it," Truitt said.
In a short conversation, Truitt said it's a tough one to win, but if you have a longer conversation with lawmakers it's easier to communicate the implications of the federal estate tax. He said the tax basically cuts in half the family farm and keeps it from being financially viable. That also does not include the impact of the state estate tax in state's like Illinois and Tennessee.
"You're gutting those operations to where they don't exist at some point in the future, which is a shame," he said.
Radio Oklahoma Network Farm Director Ron Hays featured Truitt on the Beef Buzz feature. Click or tap on the LISTEN BAR below to listen to today's Beef Buzz.
Truitt speaks from personal experience, as this is something that affected his family. When his grandfather died unexpectedly, the estate tax created scrambling within their family.
"It basically split up a family operation into a bunch of smaller ventures that could all bear the debt load from the IRS," Truitt said. "What a sad, sad thing."
Truitt today has own policy firm called "Policy Solutions". In looking at the political climate in Washington D.C., he said as a standalone issue it's going to be tough. In the U.S. Senate, he said it will be tough to get 60 votes. So the best bet is to have full and complete repeal of the federal estate tax is to have it be part of a large package. He said then it has a chance in becoming law.
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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