Beef Industry Gears Up to Battle It Out in DC Over Tax Reform - With the Death Tax in the Crosshairs

The cattle industry is gearing up for what is shaping up to be a real battle for producers, as Congress sets its sights on moving forward with comprehensive tax reform measures. Danielle Beck is director of governmental affairs for the National Cattlemen’s Beef Association and she explained to Radio Oklahoma Ag Network Farm Director Ron Hays, that Congressional leaders are committed to getting legislation through by the end of this year. But, things at the moment are still a bit unorganized she says, with lawmakers just back from the summer recess.

 

“The timetable in terms of tax reform is much in flux, but everyone from the administration to lawmakers on Capitol Hill recognize that the tax code here in the US has not been fundamentally reformed in 31 years,” Beck said. “President Trump ran a campaign based on sound business principles which is clearly in his wheelhouse and has been a top priority of his from Day 1.”

 

However, Beck admits no one truly knows what comprehensive tax reform will look like at this juncture. But, she asserts there a few priorities that NCBA intends to push during the process. The biggest target of course, is the repeal of the Death Tax, which she says has hindered the farming community for more than 100 years. Reformation of the tax code is the perfect opportunity to ensure the Death Tax is completely repealed once and for all. Beck insists that NCBA members have a role to play in the success of this plan, and encourages members to contact their congressional leaders in Washington early and frequently, to advocate for this and other measures important to cattle producers.

 

“After that, we want to make sure that we’re preserving provisions that are critically important to our producers,” she said. “Right now, cash accounting, like-kind exchange, step-up in bases, utilizing interest deductions as a legitimate business expense - all of these are tools in the toolbox that our producers use every single day when it comes to helping transition from one generation to the next, and managing their expenses and tax burden is years of high volatility and depressed markets.”