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Updated: December
12,
2000 Cattle Producers Urge Senate to Vote Aye for Death Tax Elimination Contact: Dale Moore 202-347-0228 June 21, 2000 The U.S. Senate’s upcoming vote on the Death Tax Elimination Act moves cattle producers one step closer to receiving relief from the overly burdensome estate tax. Senate leadership has scheduled H.R. 8 for a floor vote on Monday, June 26. The measure passed 279-136 in the U.S. House earlier this month on a strong bipartisan vote. NCBA will send letters to all senators on Thursday urging them to vote in favor of the bill. HR 8 would reduce estate taxes in 2003, and by 2010 the measure would fully repeal death and gift taxes. “We’ve said it many times before - death is a lousy event to tax,” said George Hall, a cattle producer from Mustang, Okla., and NCBA president. “Estate taxes are an unfair and excessive burden. Judging by the House passage of this bill and the Senate decision to vote on the measure, it seems lawmakers are beginning to understand this.” NCBA co-directs the 10-year-old Family Business Estate Tax Coalition, a rapidly growing 140-member group representing various business sectors. The group has actively worked to bring public awareness to the plight family farmers and other small business owners often face when a family member dies. “These are our current choices: Spend a substantial amount on accountants and tax lawyers, or pay half of your net worth to meet death tax obligations, or liquidate part of your assets - such as land, cattle or equipment - to pay the tax,” Hall said. “And even careful estate planning won’t guarantee a rancher won’t have to do one of the last two.” Passing your family enterprise from one generation to the next should not be as difficult as current tax laws now make it, Hall said. Ranching operations are the backbones of some rural communities. Besides providing a living for the landowner, the operation is often the financial support for family members and others who work the ranch. Estate tax obligations sometimes force ranching families to sell assets that are critical to the economic viability of their operation. This effectively reduces the size of their ranch or puts them out of business. Death taxes can also force a reduction in open space and wildlife habit when ranches are sold to developers. Sportsmen’s groups also have been working with NCBA to urge repeal of the death tax. “Senate passage of this legislation would be a win for the cattle industry, all small businesses and taxpayers in general,” Hall said. “We’d like to see the president also recognize this by putting his signature on a final bill.” |
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