Farm News

Thune Reintroduces Repeal of the “Death Tax”

Courtesy of Fox News

Senator John Thune (R-SD) and 40 colleagues reintroduced legislation to permanently repeal the federal estate tax. The “Death Tax Repeal Act” would end a tax that hits family-run farms, ranches, and businesses hard after the owner’s death. “Agriculture is the backbone of the rural American economy,” Thune says. “Family-owned farms and ranches often bear the brunt of this tax, which makes it difficult and costly to pass these businesses down to future generations.” Todd Wilkinson, president of the National Cattlemen’s Beef Association, says no cattle producers should ever be forced to sell their family’s farm or ranch to pay a tax bill due to the death of a family member. “Repealing the death tax is a commonsense way to keep the farm or ranch in the family,” Wilkinson says. “As a land-based, capital-intensive industry, most cattle families are asset rich and cash poor, with few options to pay tax liabilities.”

Related posts

USDA Updates 2021 Farm Income Forecast

WOWO Farm Director

EPA Finalizes 2013 RFS Standards

WOWO Farm Director

USDA’s March Supply & Demand

WOWO Farm Director

Leave a Comment