Cattle raisers urge Congress to pass estate tax reform
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.
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.