The Trump Administration released their proposal for comprehensive tax reform this week, calling it the “biggest tax cut in U.S. history.” 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 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.
“The Death Tax is clearly on the Administration’s radar and for that we are appreciative,” said Beck. “NCBA will assist the Administration however we can as they work to put together a comprehensive tax reform package.”