Last week, President Trump unveiled a major tax cut plan that includes repealing of the estate tax. That’s an issue America’s cattle groups have been working on for some time. South Dakota Cattlemen’s Association President Larry Stomprud says the repeal is needed and even though getting it passed will be somewhat of a challenge thinks there’s a good chance it’ll happen.
He says the estate tax is very tough on farms, ranches and small businesses and can drive many of them out of business.
Stomprud says while it may seem on the surface that not many people are impacted by the tax, in reality the effects are even tougher than most would think.
Most farms and ranches are family owned businesses and depend on deductions and provisions that give them the flexibility they need to keep their business running all year.
