The National Cattlemen's Beef Association announces support for the new Hulshof-Cramer Death Tax Repeal Permanency Act of 2005. The legislation is being introduced today in the U.S. House of Representatives by Rep. Kenny Hulshof (R-Mo.) and Rep. Robert E. "Bud" Cramer (D-Ala.).



"The excessive burden of the Death Tax has had major ramifications for my own family business and is devastating to U.S. farmers and ranchers," says Texas cattle producer and NCBA President Jim McAdams. "Hundreds of thousands of rural families are living off the land, working hard to maintain ranches built by their forefathers. The Death Tax hits with a devastating blow of up to 55 percent in taxes on the entire operation when a family member dies. It is an unfair tax on American values and the American dream."



"The death of a family member should not be a heyday for the IRS," explains Jay Truitt, NCBA's vice president of government affairs. "We have farm and ranch families that are paying for their ranches two and three times, all while paying taxes on the income used in their operations. The current temporary repeal was a step forward. But unless you're planning on dying in 2010- the time is now to pass the Hulshof-Cramer bill and finally bring about the death of the Death Tax."



Source: Association Release