STATEMENT Regarding Death Tax Veto Override Lynn Cornwell, President-Elect NCBA

“Cattle producers commend U.S. House members who once again voted in a strong bipartisan fashion to eliminate the death tax. Even though the override attempt fell short of the required two-thirds majority, the 274-157 vote simply increases our optimism that phasing out this unfair tax will remain a legislative priority in Congress.

“That the bill passed the House and Senate earlier this year with strong bipartisan support is telling. It clearly indicates that the majority of lawmakers understand that it’s time to do away with this tax, which is detrimental not only to cattle producers but to all family businesses.

“Often times, cattle ranchers have to sell part, if not all, of their operations to pay death taxes, an obligation that can reach up to 55 percent for estates worth $3 million or more. Most cattle ranchers have spent generations investing in their businesses. Still, generations of work could be wiped out overnight when estate taxes are due.

“The entire country loses when cattle producers are put out of business due to death taxes. Ranching and farming enterprises provide vital economic activity and jobs in their communities as well as open space and wildlife habitat. This open space is reduced or eliminated when a rancher sells property to developers to pay the tax.

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Producer-directed and consumer-focused, the National Cattlemen's Beef Association is the  trade association of America’s cattle farmers and ranchers, and the marketing organization for the largest segment of the nation’s food and fiber industry.