For Immediate Release Contact:
Dec. 17, 2010
Contact: Marissa Patton, 512-469-0171
FORT WORTH, Texas – Texas and Southwestern Cattle Raisers Association (TSCRA) applauded the recent action taken by the U.S. Congress on the estate tax. Today the U.S. House of Representatives voted in favor of extending all expiring tax cuts with a vote of 277 to 148. This vote came after the U.S. Senate’s 81-19 favorable vote on Wednesday. The legislation now heads to the President’s desk.
The critical part of the legislation to ranchers was a reduction of the estate tax, commonly known as the death tax, to 35 percent. It also increases the exemption level to $5 million per person, indexes exemptions to inflation, and includes a stepped-up basis. The new provisions will expire in two years.
“While ranching families still need the estate tax to permanently go away, this legislation provides better levels than we had in 2009 and prevents this tax from jumping to 55 percent on Jan. 1,” said Dave Scott, rancher and TSCRA president.
“The U.S. Congress heard the concerns of ranchers on the estate tax and we would like to thank all of those who voted for this legislation,” Scott said. “These new levels will expire in two years so we must continue to work with the U.S. Congress to get rid of this unfair burden on ranching families.”
The Texas and Southwestern Cattle Raisers Association is a 133-year-old trade organization. As the largest and oldest livestock association in Texas, TSCRA represents more than 15,000 beef cattle producers, ranching families and businesses who manage approximately 4 million head of cattle on 51.5 million acres of range and pasture land, primarily in Texas and Oklahoma. TSCRA provides law enforcement and livestock inspection services, legislative and regulatory advocacy, industry news and information, insurance services and educational opportunities for its members and the industry.