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GOP, Equine Industry Canter Toward Tax Reform

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The following is from the American Horse Council:

GOP, Equine Industry Canter Toward Tax Reform

The equine industry and its partners in the agriculture and small business sectors continue to engage Congress and the Administration on key elements of the GOP’s “unified framework for tax reform,” released on September 27.  While the framework outlines broad themes for reform, AHC and its partners are focusing efforts on repeal of the estate tax, also known as the “death tax,” as a pillar for a 21st century tax code.  Below are summaries of tactics used to move the legislative process forward, and highlights from conversations with congressional and administration officials.

Congress Hears from Small Business, Agriculture
On September 12 – two weeks prior to release of the GOP framework – AHC joined nearly 150 small business groups in a coalition letter to congressional leadership urging full repeal of the estate tax.  When the government imposes estate taxes on an equine operation, surviving family partners may be forced to sell equipment and other assets to save the family business.  Signatories represent a cross-section of American business, including builders and contractors, grocers, truckers and cattlemen.  Advocates emphasized the fact that repeal of the estate tax would not only cost the treasury relatively little revenue in the short term, but ultimately increase tax revenues by $145 billion over a ten year period.  Underscoring minimal, short-term impacts on the federal budget is crucial to moving tax reform through the budget reconciliation process, which requires Congress to demonstrate that the new and improved tax code will ultimately achieve deficit reduction.

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