NCBA advocates for permanent death tax exemption

USAgNet - 01/22/2024

The National Cattlemen’s Beef Association (NCBA) is championing a significant cause: the repeal of the federal estate tax, known as the Death Tax. This campaign aligns with the introduction of the Death Tax Repeal Act, a legislative effort backed by prominent representatives and senators.

The NCBA's stance is rooted in the challenges family farms face due to this tax. The association highlights that cattle producers, often asset-rich but cash-poor, are compelled to sell parts of their farms or ranches when faced with the Death Tax. This scenario poses a severe threat to the continuity of family-owned agricultural enterprises.

The looming expiration of the current Death Tax relief at the end of 2025 adds urgency to this issue. If the exemption reverts to lower pre-2017 limits, many more families will be impacted, especially given the rapid inflation in farmland values.

The NCBA argues for a tax code that fosters multi-generational, family-owned businesses rather than breaking them apart due to financial strains.

The association's efforts are directed towards securing permanent relief for family operations, emphasizing that the current taxation system starts a detrimental cycle for future generations. This reform is seen as crucial for the sustainability of rural economies and the agricultural sector.


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