Ranchers demand a fix for the estate tax
With less than 30 legislative days left on the congressional calendar, the National Cattlemen’s Beef Association on Tuesday warned lawmakers that time is running out to fix the estate tax.
The tax is repealed, but barring congressional action will return next year to the pre-2001 levels that hit estates worth more than $1 million with a 55 percent tax.
Steve Foglesong, the cattle association’s president, warned that the reinstatement of the tax would force some ranchers and farmers to close their operations.
“They’re in essence handing down a death sentence to family-owned farming and ranching operations,” he said in prepared remarks. “Taxing family farmers and ranchers out of business will have serious impacts on all Americans, not just in our rural communities.”
Read the full blog post by Jay Hefflin on TheHill.com