Members of Congress are again looking to repeal the estate tax, commonly referred to as the death tax among agricultural circles. Although the tax reforms enacted during the Trump Administration offered a limited repeal of the estate tax, this bill would allow for a complete repeal of the estate tax.
The Death Tax Repeal Act of 2021 was introduced this week by Sen. John Thune, R-S.D. with 25 Republican co-sponsors, and Reps. Sanford Bishop, D-Ga., and Jason Smith, R-Mo., who have 120 -cosponsors, however, Bishop is the only Democrat. Some Democrat proposals have threatened an elimination of the estate tax as well as stepped-up basis.
Pierre, SD, USA / DRGNews
Mar 10, 2021 9:54 AM
U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, joined Senate Republican Leader Mitch McConnell (R-Ky.), Sen. Mike Crapo (R-Idaho), ranking member of the Senate Finance Committee, and dozens of his Senate colleagues in reintroducing legislation to permanently repeal the federal estate tax, more commonly known as the death tax. Thune’s bill, the Death Tax Repeal Act of 2021, would finally end this purely punitive tax that has the potential to hit family-run farms, ranches, and businesses as the result of the owner’s death.
“I’ve fought hard to repeal the onerous and unfair death tax since I came to Washington, including by leading the effort in 2017 to protect more farm and ranch families from it,”
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Candace Krebs
The Ag Journal
The challenge in matching meat supplies with dramatic shifts in demand a problem underscored this past year as the COVID-19 pandemic swept the globe and retail meat cases emptied has led to widespread questioning over whether packing capacity is adequate to maintain product availability for consumers and market access for producers.
That issue was one of the main topics discussed during this year’s annual Cattlemen’s Day at Kansas State University.
Interestingly, while beef and pork processing volume dropped 40 percent at the peak of the disruption from last year’s disease outbreak, poultry processing remained stable and showed little adverse impact, noted Jayson Lusk, agricultural economics head at Purdue University.
CENTENNIAL, Colo. (March 4, 2021) – Cattlemen and women are the original climate heroes, preserving natural resources for generations, while producing safe, affordable and abundant protein for the world to enjoy. In a presentation during the 2021 Cattle Industry Convention Winter Reboot on Feb. 24, speakers discussed how cattle production contributes positively to society.
Dr. Myriah Johnson, senior director of beef sustainability research for the National Cattlemen’s Beef Association (NCBA), started the session posing a question often seen in media headlines: “How do we feed the planet in 2050?”. Johnson explained the desire that exists to feed people in a way that is sustainable for generations in the future, and how beef plays a critical role in that sustainable food system.