This afternoon, top officials in the Trump Administration released their proposal for comprehensive tax reform, calling it the “biggest tax cut in U.S. history.” The plan is designed to serve as the starting point as Congress and the Administration work to pass a comprehensive tax reform package this year.
Danielle Beck, National Cattlemen's Beef Association director of government affairs, said the Administration included in the proposal immediate repeal of the Death Tax – a priority for NCBA.
“Permanent repeal of the death tax has been a priority for cattlemen and women for decades,” said Beck. “Since the Death Tax was implemented nearly a century ago it has not only failed to meet the misguided goals set by Congress, but has threatened the existence of many multi-generational farms and ranches.”
The tax reform proposal comes on the heels of an executive order signed by President Trump yesterday on Promoting Agriculture and Rural Prosperity in America. The EO establishes an Interagency Task Force on Agriculture and Rural Policy and contains specific policy goals aimed at supporting rural agriculture, economic development, job growth, and infrastructure improvement, including:
Promoting the preservation of farms and agribusinesses as they are passed from one generation to the next, including changes to the estate tax and the tax valuation of family or cooperatively held businesses.
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