Cattlemen Take Credit for Death Tax Death

June 4, 2001

Members of the National Cattlemen's Beef Association (NCBA) claim the were "key"to repeal of the death tax, which will occur when President Bush signs HR 1836, the Economic Growth and Tax Relief Reconciliation Act of 2001. Congress passed the measure in late May, and the President is expected to sign it into law.

"NCBA and its affiliate members have worked hard for 20 years through intensive education efforts to the media and congress to pass legislation to revoke this immoral tax and provide financial benefits to ranchers while making it easier to convey the family ranch to the next generation," said NCBA President and Montana rancher Lynn Cornwell. "Repeal of the death tax, phased out over 10 years, reduction of income tax rates and other tax relief measures will result in $272 billion in tax relief, much of it to American agriculture."

Cornwell added, "In addition to the efforts of hundreds of thousands of cattle farmers and ranchers, NCBA was a founding member of the Family Business Estate Tax Coalition, formed in 1994 that includes hundreds of family business organizations, for the sole purpose of abolishing the death tax. This tax measure provides new hope for America's cattle producers – ranches can remain in the family, open spaces will remain open and more money will be available to invest in the family business."

In addition to the death tax repeal, the $1.35 trillion tax relief package benefits farmers and ranchers in a number of ways – through a lowered income tax bracket, reduction in the marriage penalty tax, education savings incentives and available funds for business re-investment.