By Jamie Martin
The National Cattlemen’s Beef Association (NCBA) is advocating for the repeal of the federal estate tax, also known as the Death Tax.
This tax disproportionately impacts family-owned farms and ranches, where most assets are tied to land rather than liquid funds. Rising farmland values increase the risk of taxation, making financial stability a challenge.
NCBA backs the Death Tax Repeal Act, led by Reps. Randy Feenstra (IA) and Sanford Bishop (GA), with Senate support from Majority Leader John Thune (SD). The organization views this tax as a major threat to agricultural businesses.
NCBA President Buck Wehrbein emphasized, "The Death Tax isn’t pro-growth – it’s a death warrant for family businesses. It’s the top threat to the future of family farms and ranches, and U.S. cattle producers need relief from this insidious tax."
A recent NCBA tax survey revealed that 33% of respondents had paid this tax, with 35% paying it multiple times. If no legislative action is taken, current tax exemptions will expire in 2025, potentially returning to pre-2017 levels.
NCBA is urging lawmakers to address this issue before exemptions expire. Without intervention, the financial burden on family farms and ranches will grow, threatening their sustainability and future generations of farmers.
Photo Credit: national-cattleman-s-beef-association
Categories: National