NCBA Stands Ready to Fight for Sound Tax Policy

In his American Families Plan, President Biden targets several provisions of the tax code to raise approximately $1.5 trillion in revenue over the next ten years. The National Cattlemen’s Beef Association said those provisions must not burden the nation’s farmers and ranchers.

Biden’s plan would repeal the deferral of gain for real estate, like-kind exchanges for gains greater than $500,000 and eliminate stepped-up basis for gains over $1 million, or $2.5 million per couple. According to the plan, the reform will be designed “with protections so that family-owned businesses and farms will not have to pay taxes when given to heirs who continue to run the business.”

NCBA Senior Executive Director of Government Affairs Danielle Beck said, “When considering how to offset the cost of a comprehensive infrastructure package, it is essential that Congress preserve sound tax policies for family-owned agricultural operations.” adding, “We firmly believe that it would be irresponsible to pay for an infrastructure bill on the backs of farmers and ranchers.”

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