Senate Passes Death Tax Amendment

Randall Weiseman Alabama, Cattle, Florida, General, Georgia, Industry News Release, Livestock

From the National Cattlemen’s Beef Association:

NCBA hails the passage of South Dakota Senator John Thune’s amendment to the Fiscal Year 2016 budget resolution to create a deficit neutral reserve fund to eliminate the death tax. Following the vote, Sen. Thune issued the following statement:

“Senate Republican’s budget is a framework for more efficient, effective, and accountable government, which is why it was so important that we take steps to eliminate barriers to small business survival and growth by passing this important amendment that will help to repeal the death tax. Imposing a tax rate as high as 40 percent on savings is not just bad for the economy, it’s unfair to families that have saved and built job-creating small businesses in their local communities. I’m pleased the Senate acted today in favor of this common-sense amendment, and hope we can continue promoting policies that give farmers, ranchers, and family business owners peace of mind of knowing that they no longer have to spend substantial sums on planning to minimize their death tax liability.”