stepped-up basis

A trio of new tax hikes for farmers and ranchers, that’s how the American Farm Bureau’s tax adviser describes President Joe Biden proposal to pay for infrastructure and social packages. During last week’s joint session of Congress, the President said: “We’re going to get rid of the loopholes that allow Americans to make more than a million dollars a year, and pay a lower tax rate on their capital

Ask the American Farm Bureau Federation, they’ll tell you a proposal to eliminate the stepped-up basis in agriculture would have a costly impact on farmers nationwide. AFBF chief economist John Newton said tax policy is important in helping farmers pass their operations on to future generations. ...

American Farm Bureau Federation President Zippy Duvall says the organization objects to a proposal by several lawmakers to tax unrealized capital gains at death and roll back the stepped-up basis on those capital gains. Duvall said, “Taxing capital gains when a loved one passes away would have a devastating impact on farm and ranch families.” Ev ...