House and Senate Republicans from tax writing committees, along with the Trump Administration, rolled out a blueprint for tax reform this last week. Danielle Beck, director of governmental relations for the National Cattlemen’s Beef Association in its Washington, DC office who handles tax issues for the organization, says the item in this proposed package that really jumps out for cattle producers, is the inclusion of full and complete repeal of the Estate Tax - or Death Tax as it is commonly known.
“We are thrilled that President Trump and Republican leadership continue to maintain their commitment to full, permanent repeal of the Death Tax,” Beck said. “We’re really lucky they recognize the burden that the Death Tax places on agricultural producers.”
While the inclusion of this measure in the initial framework of the new tax code is a big win for the industry, Beck says it is something that will have to be seen through to the end in the final package. In addition, though, Beck is concerned not only with getting to the finish line with Death Tax repeal - she is also concerned about what positive provisions in the current tax code, might be modified to the detriment of ranchers. According to her interpretation of the proposal’s language, everything is on the table and up for negotiation. Beck encourages producers to contact their state leaders in Washington and insist that they take action to protect those provisions and push for Death Tax repeal as soon as possible, with reform talks anticipated to begin by early November. (Click or tap here
to send a sample letter provided by NCBA to your legislator.)
“The devil really is in the details,” she said. “The language in the proposal includes eliminations for exemptions, deductions and credits on the individual side - and it also instructs lawmakers to look at the corporate side and modernize tax rules to better reflect the economic reality and provide little opportunity for tax avoidance for businesses.”Click here to see more...