Agricultural News
With Trump in the White House, Could a Full Repeal of the "Death Tax" Finally Happen?
Fri, 02 Jun 2017 11:22:29 CDT
No other agricultural groups have fought harder to fully repeal the so called "Death Tax," than the American Farm Bureau Federation and the National Cattlemen's Beef Association. Known also as the federal estate tax, this measure is seen by many as the government's greedy hand in the pockets of farmers and ranchers, which has in many cases has created significant hardship for families trying to transfer the family business from one generation to the next. Over the years, it has seen rollback after rollback, at the hands of these two organizations, moving the tax rate exemption from $600,000 at 55% in 1997 to where it is now, at $5.49 million with a rate of 40%. Danielle Beck handles tax policy for NCBA and told Radio Oklahoma Ag Network Farm Director Ron Hays that their intention is to get rid of the burdensome tax law once and for all, with hopes resting on the Trump administration's penchant for tax reform.
"One of the general concepts in the White House plan for tax repeal is a full repeal of the Death Tax," she said. "We were thrilled that during the White House press briefing on tax reform, Mr. (Gary) Cohn did commit to a full and immediate repeal of the Death Tax as opposed to some sort of staggered proposal."
Good news, indeed, but the fact is, the Death Tax has actually been fully repealed once before. Obviously, though, it didn't last for long. Beck remains optimistic this will not be the case this time around.
"The devil is in the details - we have to wait and see what happens," Beck conceded. "It really depends on whether or not Congress has bipartisan support for whatever their tax reform package is."
Listen to NCBA's Danielle Beck and Farm Director Ron Hays discuss the possibility of fully repealing the Death Tax under the Trump administration, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is 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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