With the Tax Cuts and Jobs Act expiring at the end of next year, the National Cattlemen’s Beef Association (NCBA) is kicking off a major push on tax policy for the year ahead. Rusty Halvorson has the story.
NCBA President Mark Eisele says he’s concerned about what he’s hearing from Capitol Hill regarding the possible future direction of tax policy.
“I am deeply troubled. I think the tax rate is supposed to go to forty percent. That’s what they’re talking about. I’ve also heard some discussion by some of the more radical legislators that they could carry that as high as sixty percent. I don’t care what kind of business you’re in, whether you’re a brick and mortar deal or a t-shirt shop, you’re not going to survive a 60% tax. You’re not going to survive a 40% tax. It’s just undoable.”
Eisele says he wants lawmakers in Washington D.C. to give cattle producers a “steady, consistent goal.”\
“Set those goal posts at the end of the field where we know what to aim for. When you’re constantly moving the target, it’s tough to head for, it’s tough to aim for and be successful.”
The NCBA recently released a report analyzing data collected in a nationwide tax survey of America’s cattle producers. The data showed that a quarter of respondents spend more than $10,000 annually for tax preparation, filing, and potential audits, all expenses that only add more pressure to agricultural operations.
Eisele shared his thoughts during a recent NCBA Beltway Beef podcast.