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Farmers and ranchers asset rich, cash poor

On Feb. 13 President Barack Obama proposed a multi-trillion-dollar-budget.

The president said the budget is designed to spur job creation and impose higher taxes on the rich. However, National Cattlemen’s Beef Association President J.D. Alexander said the president’s take on the estate tax threatens job creation and punishes the producers of food and fiber.

“Farmers and ranchers are asset rich and cash poor. Land and machinery does not equate to cash unless it is sold. When families are forced to sell off property to pay for the estate tax, the land seldom remains in production,” he said. “This outdated tax is escalating the depopulation of rural America.”

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