It’s a crying shame that a perfectly good month that should be revered for its promise of Spring is instead dreaded as tax month.
Former NY Yankees owner George Steinbrenner had to be a pretty sharp guy to amass the fortune he did but arguably the best thing he did for it- as far as his family is concerned- is die at the right time. He kicked over at a time when there was no Federal Estate tax which saved his family something like $600 million.
I personally believe an inheritance tax is immoral, and we know that in its various iterations, ranches have been foreclosed on or sold to cover the debt to the tax man.
Your leadership at NCA has spent a good deal of time on this issue and recently so with Senator Cortez-Masto’s staff to ensure that if there is to be a death tax, the family ranch has the potential to weather it and stay in the family. We appreciate the Senator’s efforts towards the inheritance tax and to preserve stepped-up basis in the version that values a ranch as a ranch and not any other use.
A far happier use of money is in the pursuit of education. NCA Scholarship applications are due soon, make sure you get yours in!
Happy Spring friends, I hope you spend April rolling in green grass.
Jon Griggs | President, NCA