Will 2012 be the year when permanent relief from the estate tax is within reach?  Kent Baucus, National Cattlemen’s Beef Association associate director of legislative affairs thinks so. Baucus addressed attendees of the 2012 Cattle Industry Convention and NCBA Trade Show in Nashville, Tennessee. He said the estate tax is top of mind for many cattlemen, especially young farmers and ranchers hoping to take over family-owned cattle operations.

Bacus said – this is not a tax on the wealthy elite. The wealthy are more likely to find a way to weather the storm. Small business owners and family farmers and ranchers will be forced to make difficult decisions. As the global population continues to grow, it is paramount we keep farms and ranches intact. We have to be able to feed people.

There are 29 pieces of legislation in the U.S. Congress to address the estate tax. Bacus said NCBA supports the Death Tax Repeal Permanency Act of 2011 introduced by Representative Kevin Brady of Texas. The legislation, if passed, would repeal the estate and generation-skipping transfer taxes. Bacus said the legislation has already garnered 194 bipartisan co-sponsors.

Courtesy: NAFB News