stepped-up basis

Last week, President Biden failed to convince enough progressive members of his party to agree to his Build Back Better legislation, forcing House Speaker Pelosi to punt the effort last week, again leaving the farming community in limbo. Roughly $28 billion in conservation, rural development, and forestry aid, as well as $65 billion for rural broadband in a separate infrastructure bill, are once

Farmers and ranchers are getting a little nervous that Congressional Democrats may still end their stepped-up basis tax break in favor of a capital gains tax at death. The question of if ending stepped-up basis as a revenue source is still on the table was recently put before Senate Finance Chair Ron Wyden, with Oregon’s senior senator leaving open the possibility that the idea still had legs. B

As Republicans and Democrats argue over the price tag and what is and what is not infrastructure, the American Farm Bureau Federation says ‘no’ to the tax and spending bill--the political linchpin for a bipartisan infrastructure bill the organization supports. Trillions ...

Top Capitol Hill Democrats says they have a framework agreement on taxes to fund their $3.5 trillion Biden “Build Back Better” budget. However, American Farm Bureau Federation President Zippy Duval said what’s known on those tax ideas, so far is not acceptable. And that includ ...

Sweeping tax changes for Ag are included in the Democrats’ massive social spending bill, which could soon be headed to the House floor. Supporters of farm country said this week the best news for agriculture is that House Democrats dropped the president’s plan to impose a capital gains tax on producers at death. The idea ...

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 f

American Farm Bureau President Zippy Duval pushed back against the Biden Administration’s stance that most small family farmers will escape a proposed capital gains tax to replace the stepped-up basis. Duval disputed the White House’s claim that a $2 million per couple exclusion on the gain on farm assets and that passed onto children, will let most off the hook on any new capital gains tax. “Wel

President Biden’s nominee for Treasury’s tax policy chief got asked this week about the Administration’s proposal to end the stepped-up basis on family farms and replace it with a capital gains transfer tax. “In terms of the treatment of family farms and businesses, as I understand it, reading the proposal, it would delay any tax due for any family farms and businesses until it was no longer owned

The National Cattlemen’s Beef Association says President Biden’s proposed new capital gains tax at death would be devastating for cattle producers. NCBA’s Danielle Beck said the taxes proposed to pay for massive infrastructure and social spending “threaten the viability” of family farming and cattle operations,  especially a new tax on capital gains at death that ends the ‘stepped-up basis’. “Tha

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 ...