Timing is everything in politics. An example is the long time priority of the cattle industry to change the tax code so inheritance taxes don’t take away the opportunity to pass a ranch down to the next generation.
Well, the timing seems to be right for that discussion to be held in the next congress with the President and Republican congress indicating they favor major changes that would benefit farmers, ranchers and business owners.
Colin Woodall is with the NCBA based in Washington, D.C. He spoke with Ron Hays of the Rural Oklahoma Network about the prospect of getting the inheritance, or death tax on the agenda of congress this term.
“This was an area we didn’t really expect to have an opportunity to work on in 2017,” Woodall said. “Our understanding is both the House and Senate want to make this a top priority, so we very well could start seeing some action on this here in early spring of 2017.”
Woodall points out that while some changes to the widely disliked and detrimental Death Tax have been made, he contends that the agricultural community including NCBA, will not rest until there is a complete and total repeal of this tax.
In addition, he says focus will be made, too, on revamping the capital gains tax, along with some other unfinished business from this past year, which he hopes will include some serious discussions on trade policy.
“We don’t get the impression that trade is completely off the table. We just need to stick to the facts; we have a very compelling story, for all of agriculture but especially those of us in cattle production, on what our trading relationships bring to us,” Woodall said. “So we’re excited about hopefully getting a very quick start on this.”