With less than 30 legislative days left on the congressional calendar, the National Cattlemen's Beef Association on Tuesday warned lawmakers that time was running out to fix the estate tax. Steve Foglesong, the association's president, warns inaction will force some ranchers and farmers to close their operations.
"They're in essence handing down a death sentence to family-owned farming and ranching operations," he said in prepared remarks. "Taxing family farmers and ranchers out of business will have serious impacts on all Americans, not just in our rural communities."
Because farm and ranch assets consist mainly of land, buildings and specialized equipment, these estates may look wealthy on paper. But they include few assets that can be liquidated to pay the tax without closing the business. These estates are five to 20 times more likely to incur estate taxes than other estates.
"This is not a tax on the 'wealthy elite,'" Foglesong said. "The wealthy can afford accountants and estate planners to help them evade the tax... Farmers and ranchers are often forced to sell land, equipment, or even the entire ranch just to pay off tax liabilities."
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