15page1.qxd 1/23/03 5:18 PM Page 1 The National Livestock Weekly January 27, 2003 • Vol. 82, No. 15 “The Industry’s Largest Weekly Circulation” www.wlj.net • E-mail:
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[email protected] A Crow Publication ‘Death tax’ attacked again Plan offers — Both houses of Congress ranchers bigger introduce permanent repeal. By Steven D. Vetter tax break WLJ Editor By Sarah L. Roen The dispute in recent years over whether or not WLJ Associate Editor to repeal the estate tax, or “death tax,” heated up If a rancher considers his new high-dollar again recently with the introduction of comparable pickup truck or fancy horse trailer a piece of bills in both the House and Senate. equipment which will help expand the business, Most recently, Sen. John Kyl, R-AZ, introduced President Bush’s new plan has a little-known S. 169, The Permanent Death Tax Repeal Act of loophole which could offer some immediate as- 2003. Kyl’s proposal is almost identical in language sistance. In fact, it would triple this expensing and nature to HR 57, the Death Tax Permanen- cy Act of 2003, introduced January 7 by House limit on a rancher’s taxes. members Jennifer Dunn, R-WA, and Robert E. Being able to deduct larger vehicle expens- “Bud” Cramer, D-AL. es is just one of the proposed tax cuts in the plan Both bills would permanently repeal estate to benefit small business owners. As it stands and generation-skipping transfer taxes — legis- right now, ranchers can write off up to $25,000 lation passed by the House, but voted down by for business equipment, an increase of $7,500 the Senate last year.