Cattle raisers urge Congress to pass estate tax reform
The Cherokeean
Nov 4, 2009
FORT WORTH, TEXAS - The Texas and Southwestern Cattle Raisers Association (TSCRA) sent letters to members of Congress this week urging them to pass H.R. 3905, the Estate Tax Relief Act of 2009. This legislation would provide relief in the tax code from the estate tax, also known as the "death tax", for Texas ranchers, property owners and small business owners. Over a 10-year period, H.R. 3905 would increase the estate tax exemption to $5 million while decreasing the tax rate from 55 percent to 35 percent.
TSCRA Legislative and Tax Committee Chairman Arthur Uhl, a rancher and attorney from San Antonio, Texas, testified in Washington, D.C., today before the House Committee on Small Business on behalf of the legislation. Uhl also chairs the National Cattlemen's Beef Association's (NCBA) Tax and Credit Policy Committee.
"Tax policy is a key factor impacting American cattle producers, particularly in today's difficult business climate. In an industry where financial returns are historically small, we depend upon the ability to pass on a farm or ranch to the next generation without exhausting resources for arduous planning, or being forced to break apart economically viable operations," Uhl said.
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The death tax has killed many family owned businesses, especially in agriculture. Farming and ranching are very capital intense which makes them an unfair target of the death tax. In order to keep farming and ranching families on the land, it needs to be changed. We have been dealing with issue for too many years but we need to keep working on it. Please contact your Senators and Representative and let them know how badly the estate tax needs to be reformed.
Showing posts with label death tax. Show all posts
Showing posts with label death tax. Show all posts
Thursday, November 5, 2009
Wednesday, September 16, 2009
Why The Death Tax Needs To Die
Bill would ax estate tax for agriculture
Business-involvement stipulation for heir raises some concerns
By TIM HEARDEN
Capital Press
Farmers and ranchers are supporting a bill in Congress that would exempt certain land from the federal estate tax as long as the property is kept in agriculture.
The bill by U.S. Reps. Mike Thompson, D-Calif., and John Salazar, D-Colo., would deduct from the estate tax the value of farmland in cases where the heir had been involved in the farm operation for five of the past eight years.
The idea pleases ranchers such as California cattle producer Kevin Kester, whose family had to pay $2 million over 10 years to the Internal Revenue Service after his grandfather died in 1993.
"We struggled, and the net result over 10 years was we were not able to invest and reinvest in the ranch or have the employees that we should have," said Kester, who runs cows and grows winegrapes on 22,000 acres near Paso Robles.
Currently, under a tax-relief bill signed by then-President George W. Bush, estates valued at more than $3.5 million, or $7 million for a couple, are taxed at a 45 percent rate. If Congress doesn't act, the rate is set to revert in 2011 to 55 percent on estates worth $1 million or more.
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There is nothing good that comes out of the death tax. It destroys family owned businesses and the jobs they provided. It hits farming and ranching families especially hard. Agriculture is a very capital intensive business which can be valued quite high because of the land involved, yet comes no where close to generating the income required to pay the taxes. In those instances, families are forced to sell part of their farm just to pay the taxes. This type of tax costs our society more than it generates. Do your part and contact your Congressional delegation. Follow the links below to send a message.
If you live in California, use this link:http://bit.ly/1Xj8p
If you live outside of California use this link:http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
Business-involvement stipulation for heir raises some concerns
By TIM HEARDEN
Capital Press
Farmers and ranchers are supporting a bill in Congress that would exempt certain land from the federal estate tax as long as the property is kept in agriculture.
The bill by U.S. Reps. Mike Thompson, D-Calif., and John Salazar, D-Colo., would deduct from the estate tax the value of farmland in cases where the heir had been involved in the farm operation for five of the past eight years.
The idea pleases ranchers such as California cattle producer Kevin Kester, whose family had to pay $2 million over 10 years to the Internal Revenue Service after his grandfather died in 1993.
"We struggled, and the net result over 10 years was we were not able to invest and reinvest in the ranch or have the employees that we should have," said Kester, who runs cows and grows winegrapes on 22,000 acres near Paso Robles.
Currently, under a tax-relief bill signed by then-President George W. Bush, estates valued at more than $3.5 million, or $7 million for a couple, are taxed at a 45 percent rate. If Congress doesn't act, the rate is set to revert in 2011 to 55 percent on estates worth $1 million or more.
Read More
There is nothing good that comes out of the death tax. It destroys family owned businesses and the jobs they provided. It hits farming and ranching families especially hard. Agriculture is a very capital intensive business which can be valued quite high because of the land involved, yet comes no where close to generating the income required to pay the taxes. In those instances, families are forced to sell part of their farm just to pay the taxes. This type of tax costs our society more than it generates. Do your part and contact your Congressional delegation. Follow the links below to send a message.
If you live in California, use this link:http://bit.ly/1Xj8p
If you live outside of California use this link:http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
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