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Updated: December
12,
2000 House Falls Shy of Veto Override Contact: Dale Moore 202-347-0228 September 7, 2000 In spite of strong bipartisan support, the U.S. House fell about 13 votes short of overriding the president’s veto of the Death Tax Elimination Act. The final tally was 274-157, with four members not voting. Cattle producers remain optimistic, however, that phasing out this undue tax burden will remain a legislative priority during the next Congress, said NCBA president-elect Lynn Cornwell. “The Senate and House sent clear messages when they passed this measure earlier this year,” Cornwell added. “That the bill passed both houses of Congress 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 to cattle producers and other small business owners.” Often times, cattle ranchers have to sell part, if not all, of their cattle operations to pay death taxes - obligations which 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,” Cornwell said. Ranches and farms provide open space and wildlife habitat. This open space is reduced or eliminated when a rancher sells property to developers to pay the tax. “We’re confident the pendulum is swinging in our direction,” Cornwell said. “And we’ll continue to work toward elimination of the death tax. We’ve said it time after time: Death is a horrible event to tax.” |
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