Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm Programming Radio Oklahoma Network  |  7401 N. Kelley Ave. Oklahoma City, OK 73111  |  (405) 841-3675  |  Fax: (405) 841-3674


Agricultural News

NCBA's Final Death Tax Video Has One Rancher Telling Congress to "Get Rid of the Son of a Bitch"

Wed, 27 Sep 2017 11:27:39 CDT

NCBA's Final Death Tax Video Has One Rancher Telling Congress to The National Cattlemen’s Beef Association today released the fourth and final video in its month-long media campaign to promote comprehensive tax reform. As the end of the campaign draws to a close, the videos featuring beef producers have already been viewed a combined 260,000 times and have reached more than 450,000 people on Facebook.

NCBA's fourth video features rancher Pete Bonds, who runs the Bonds Ranch operation headquartered in Saginaw, Texas. Bonds talks about the steep costs associated with planning for the death tax, and urges Congress to “just get rid of the son of a bitch.” While most people associate the death tax with jet-setting billionaires, Bonds explains that the land-rich, cash-poor business model that ranchers depend on makes the death tax especially harmful to family-owned operations.

To watch NCBA's video featuring Pete Bonds, of Bonds Ranch in Saginaw, Texas, click or tap the PLAYBOX in the window below.

“Most ranchers, 90-plus percent of their assets is land. That land is not very liquid. And if at my death, if we had not done anything, the kids would have had to come up with several million dollars to pay the death tax. We don’t have that amount of money just sitting around.”

To effectively manage his tax burden, Bonds has been forced to sink hundreds of thousands of dollars into estate and tax planning - money that could have been used to expand his business, hire new employees, or invest in the local community.

“You know, that’s a waste. It’s costing us tens of thousands of dollars a year to do this… We spent several hundred thousand dollars getting a limited liability partnership set up. And went through not only appraisals but the appraisals of the appraisals. We spent about as much money getting this stuff into the kid’s names, as my dad paid for this damn ranch.”

NCBA's tax reform campaign is centered around a new website, CattlemenForTaxReform.com, and will run through September. The campaign will also connect grassroots ranchers and producers with their elected officials on Capitol Hill as tax-reform legislation is considered this autumn.

Source - National Cattlemen's Beef Association



WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Friday, December 15, 2017  Fri, 15 Dec 2017 14:52:48 CST
  • Pork Producers Hail Organic Rule Withdrawal, Thank Perdue for Listening to Farmers' Concerns   Fri, 15 Dec 2017 14:25:55 CST
  • Noble's CEO Bill Buckner Says When It Comes to the Next Frontier to Explore - We're Standing On It  Fri, 15 Dec 2017 14:17:44 CST
  • Friday Market Wrap-Up with Justin Lewis  Fri, 15 Dec 2017 14:07:22 CST
  • Friday Afternoon Market Wrap-Up with Carson Horn   Fri, 15 Dec 2017 14:04:02 CST
  • Drought Conditions Creep Higher Across Oklahoma According to Latest Drought Monitor Report  Fri, 15 Dec 2017 14:47:41 CST
  • OSU's FAPC Center Highlights Its $52 Million Economic Impact on Oklahoma's Food Industry in 2017  Fri, 15 Dec 2017 11:44:40 CST
  • CattleFax Analysts Present Cattle Market Expectations for 2018 in Upcoming Webinar - Register Now  Fri, 15 Dec 2017 11:34:08 CST

  • More Headlines...


    Ron salutes our daily email sponsors!

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

    Search OklahomaFarmReport.com

    Find more about Weather in Oklahoma City, OK

    © 2008-2017 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup

    WebReady powered by WireReady® Inc.