Act now for estate lax revision

摘要

Many in our industry know firsthand that in passing the family ranch to the next generation, the odds are stacked against cattlemen. Under current law, estate taxes imposed on family ranches and farms can be so burdensome they often force a family tosell critical assets, make management decisions that run counter to the profitability of the business, or cause the loss of the business altogether. According to the National Cattlemen's Beef Association (NCBA), the estate tax burden is a major contributor to a steadily decreasing number of cattle operations, which is currently at an all-time low. Estate taxes can eat up to 55% of a family's ranching business and devastate the ability of the next generation to carry on the family tradition. The unfairness is made that much more clear when you compare the estate tax rates to the top lax rate (28%) on normal capital gains.