NCBA Pushes to Scrap Harmful Estate Tax
The push to repeal the federal estate tax, known as the Death Tax, is gaining strength with the National Cattlemen’s Beef Association (NCBA) at the forefront.
This critical legislative goal is supported by a bill introduced by Representatives Randy Feenstra and Sanford Bishop, with a Senate counterpart led by Majority Leader John Thune.
NCBA President Buck Wehrbein, representing cattle producers, criticizes the Death Tax for endangering the survival of family-owned farms and ranches. He emphasizes, “The Death Tax isn’t pro-growth – it’s a death warrant for family businesses.”
According to NCBA’s tax survey, a significant portion of respondents have been burdened by this tax, with some paying it repeatedly, compelling them to liquidate assets or incur debts.
This act comes at a crucial time as the existing Death Tax reliefs are set to expire by the end of 2025. If not addressed, the return to pre-2017 exemption levels, combined with soaring farmland values, will place many more families under the tax's scope.
NCBA is grateful for the leadership of Thune, Feenstra, and Bishop, who are working tirelessly to ensure that family-owned agricultural enterprises can thrive without the looming threat of the Death Tax.