Cattlemen call for Death Tax repeal

Cattlemen call for Death Tax repeal
May 4, 2006

Farmers and ranchers from across the country are encouraged to rally together May 9 to plea for permanent repeal of the Federal Estate and Gift Tax, commonly called the Death Tax.

The National Cattlemen’s Beef Association (NCBA) designated May 9 as the national 2006 Capitol Hill call-in day for agriculturalists to encourage their Senators to vote for permanent repeal. Any U.S. Senator can be reached via the Capitol Hill switchboard at (202) 224-3121, or individual office numbers can be found on NCBA’s Web site at http://hill.beef.org/pdfs/109thSenateContacts.pdf.

“On May 9th, we urge farmers and ranchers to pick up the phone and call their Senators on Capitol Hill,” said Mike John, NCBA president and Missouri cattleman. “Explain first-hand how the Death Tax has been detrimental to your family business and devastating for agriculture. A few minutes of your time can make a world of difference in Washington, D.C.”

The Senate is expected to vote on the issue this spring, and many have called for the vote to occur by Memorial Day weekend.

Current law calls for the applicable tax-exclusion amount to phase-in gradually toward full repeal in 2010. But because of a “sunset provision” in the law, all reforms expire in 2011. Therefore, the Death Tax will be fully reinstated at rates of up to 55% only one year after repeal.

“Right now, unless we conveniently die in the year 2010, the threat of a crushing tax on our family operations is inevitable,” John said. For more detailed information on the Death Tax and how it affects farmers and ranchers, visit http://hill.beef.org/tax.

— adapted from a NCBA press release