Representatives from the National Cattlemen’s Beef Association (NCBA) gave an overview to congressional staff members on the devastating impact of the estate tax on cattlemen and cattlewomen as part of NCBA’s “Beef 101” educational series.
“Tackling the death tax is the top priority for NCBA,” said NCBA Associate Director of Legislative Affairs Kent Bacus. “The tax directly affects family-owned small businesses, such as farms and ranches, because of the burden it places on families hoping to pass their business on to the next generation.”
“Beef 101” is an educational series for members of Congress and their staff. The program was developed to bridge the knowledge gap between elected officials and the beef industry. The session featured a presentation by Bacus, who stressed to attendees that there must be permanency in the tax code. For now, estates worth more than $5 million per individual and $10 million per couple are taxed at a rate of 35 percent.