Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211


Agricultural News

Rep. Lucas Shares insight on Cattle Market, Tax Proposals

Mon, 07 Jun 2021 12:59:42 CDT

Rep. Lucas Shares insight on Cattle Market, Tax Proposals Oklahoma Farm Bureau had an opportunity to hear Rep. Frank Lucas’ insight on the issues impacting farmers and ranchers in the nation’s capital during an interview at a recent meeting in Weatherford.

Though many discussions on Capitol Hill impact Oklahoma agricultural producers, Lucas focused on the ongoing investigation into potential manipulation in beef markets and current capital gains tax proposals.

As numerous beef producers in Oklahoma and across the country have become increasingly concerned by the disparity between the price of live cattle and the price of retail beef, Lucas said he is anxiously awaiting the outcome of an investigation by the U.S. Department of Justice.

“That’s not a civil investigation; that’s a criminal investigation,” Lucas said. “The wheels of the law move slowly unfortunately.”

Though he is eager to gain answers from the Justice Department, Lucas said a complete and thorough investigation is necessary because of the significance of the results.

“Am I impatient with the Department of Justice? Absolutely,” Lucas said. “But they need to do a thorough job because what comes out of that could potentially either send someone to jail or provide us with the justification to make perhaps some dramatic changes in federal law. So it’s got to be done right.

“If there’s something there, (the DOJ should) determine it, prove it, pursue it in court or provide us the information and we’ll respond with changing the legislation.”

As a cattle producer himself, Lucas said many of the proposals to fund the Biden Administration’s infrastructure package are troubling to capital-intensive industries like agriculture.

Lucas said one of his greatest accomplishments in Congress has been removing the inheritance tax to help family farms and ranches preserve their operations for the next generation, but current proposals to eliminate stepped-up basis in capital gains taxes would essentially reinstate the so-called death tax.

“If you tax the change in value from one generation to the next, through capital gains or eliminating the basis, you’re in effect having a death tax again,” he said. “That’s what we voted to get rid of years ago and what we cannot go back to.”

The Third Congressional District representative said Oklahoma farmers and ranchers have to stand together to work against these policies.

“It’s a fight we’re going to fight, and we all have to fight together,” Lucas said.

Click or tap below to watch the video:



WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • NASDA to host 30th annual Tri-National Agricultural Accord October 25-27  Thu, 21 Oct 2021 13:12:22 CDT
  • OKFB state resolutions committee reviews grassroots policy proposals for 2022  Thu, 21 Oct 2021 11:16:09 CDT
  • NACD and the Pollinator Partnership Recognize Pollinator Conservation Advocates  Thu, 21 Oct 2021 11:03:06 CDT
  • North American Meat Institute Statement on Cattle Contract Library Act  Thu, 21 Oct 2021 10:56:02 CDT
  • Texas AgriLife Economist Justin Benavidez Says 75% Measuring Improvement in Negotiated Trade  Thu, 21 Oct 2021 10:51:04 CDT
  • NACD Announces Launch of District Grants Application Period  Thu, 21 Oct 2021 10:16:21 CDT
  • Empowering Drone Operators to Help Farmers Grow Profits with "Smart Farming" Technology  Thu, 21 Oct 2021 10:13:38 CDT
  • National Farmers Union Supports Legislation to Establish a Contract Library for Cattle  Thu, 21 Oct 2021 10:03:40 CDT

  • More Headlines...


    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Tulsa Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.


    Search OklahomaFarmReport.com

    © 2008-2021 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.