Ranchers urge permanent repeal of ‘Death Tax’
On September 8, the National Cattlemen and Beef Association (NCBA) issued a statement of support for President Trump’s tax reform proposals. Not surprisingly, the association, comprised largely of ranchers with small to medium private operations, is focusing ‘heavily on the death tax.’ Landowners, farmers and ranchers, are often property rich but cash poor, and the estate inheritance tax, known popularly as the ‘death tax’ is daunting to those who want to keep their land and ranching assets in the family. The NCBA statement says:
“We have a once-in-a-generation opportunity to enact truly comprehensive tax reform, and we can’t afford to let this opportunity pass or to get it wrong,” said NCBA President and Nebraska cattleman Craig Uden. “Family ranchers and farmers deserve a full and permanent repeal of the onerous death tax, which charges them in cash on the often-inflated appraised value of their property and equipment. This campaign will shine a spotlight on the stories of real ranchers who have had to deal with this issue, and it will also highlight current tax provisions that we need to maintain, such as stepped-up basis, cash accounting, and deducibility of interest payments.”
