The National Cattlemen’s Beef Association and others are asking the Treasury Department to withdraw the newly proposed estate tax regulations.
NCBA joined more than 3,800 organizations in a letter sent to Treasury Secretary Jacob Lew opposing the proposal.
The association says the proposed regulations would permanently change estate planning for families that own a controlling interest in a privately-held entity.
Association officials also say the regulations would eliminate or greatly reduce available valuation discounts for family-related entities, which in turn would increase the tax on inheritance, such as farms.
Government affairs director for NCBA, Danielle Beck, says “the Administration is causing unnecessary economic harm to family businesses,” that is because producers are often forced into selling land or cattle to pay the tax, and in some cases, are put out of business.
