Hundreds of Ag and food groups have written Congress’ two tax-writing committees, arguing against the Administration’s proposals to end stepped-up basis and other farm focused tax breaks. The letter by the nation’s biggest farm and food trade groups comes as House Ways and Means and Senate Finance start to decide the cost and how to fund the Biden Administration’s “American Families Plan.”
“327 food and ag trade associations from the national level all the way down to state and local. I think that sends a pretty strong message, and I’d like to think it’s going to be pretty hard for folks on Capitol Hill to ignore,” said Danielle Beck is with the National Cattlemen’s Beef Association.
The message Beck pointed out: ‘keep stepped-up basis, like-kind exchanges, estate tax, and other tax breaks critical for ag or risk losing family-owned farms and ranches.
“If we roll back stepped-up basis, make capital gains paid at death, you will take away the opportunity for not just agriculture and farms but small business across America,” said American Farm bureau President Zippy Duval. “It will prevent them from passing it on to the next generation in a lot of cases.”
Duvall noted that since farms are asset-rich but often are cash-poor and many are ill-prepared for a possible tax bill at death.
Beck argues “taxing family farms and ranches out of business…undermines the [Biden] ‘Build Back Better’ agenda.”
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