TSCRA President Richard Thorpe issued the following statement Thursday in response to the passage of the U.S. House’s extensive tax reform bill:
“We applaud today’s passage of comprehensive tax reform, which includes numerous provisions that will reduce taxes on hard-working ranching families as they work to grow and pass on their operations to future generations. It has been our longstanding goal to see the full repeal of the death tax, which places a tremendous burden on ranching families, and this legislation is a major step in doing just that.
“We sincerely thank Chairman Kevin Brady for his leadership on this important legislation. There is still a long road ahead, especially in the Senate, where the reform package does not include repealing the death tax. I hope every cattle producer will take this opportunity to get involved and contact their Senators to voice support for the full and permanent repeal of the death tax.”
TSCRA’s most recent Cattlemen’s Column, here, provides additional insight into tax reform benefits for cattle raisers.