NCBA and Capitol Hill Move to Bury the Death Tax
One of the largest issues that farm and ranch families continue to face is the Death Tax. The Death Tax has been singled out as one of the largest hurdles in passing on the family ranch to the next generation. NCBA has continued to work with a broad coalition of agriculture and business interests to ensure we knock down this hurdle permanently. In early 2013, we were able to make some headway toward ensuring the tax code provided a sufficient exemption for our members. But we continue to work toward permanent repeal of this business crippling tax.
Last week, Congressman Kevin Brady (R-Texas) announced that his bipartisan, bicameral bill to permanently repeal the Death Tax secured its 221st cosponsor in the U.S. House of Representatives. The support of a clear majority of the House members sends a strong message that the Death Tax has breathed its last in the House. “At a time when we need to spur the economy and employment, abolishing the Death Tax is certainly a step in the right direction. It’s time to bury this tax that causes so much harm to the family farms, ranches and businesses that simply want to keep on operating, but may have to shut down or downsize due to this onerous tax. I look forward to voting to do away with the Death Tax once and for all,” Brady concluded. NCBA has been actively engaged in gathering co-sponsors for Brady’s legislation and we welcome a vote on repealing the Death Tax.
The Death Tax unfairly targets family agricultural operations and often forces families to face the challenge of meeting the IRS burden by selling land or cattle. This in turn affects their ability to make a living and imposes an unnecessary economic hardship, taxing assets that have already been taxed multiple times throughout a lifetime. Moreover, with the changing exemption levels and rates, ranching families find themselves having to undertake complex and expensive estate planning, to plan for the inevitable, let alone the unexpected. America’s farm and ranch families deserve certainty in the tax code, now is the time to #BuryTheDeathTax.