The Biden Administration has been introducing a series of proposals that will have a significant impact on the agricultural industry. In order to finance proposed investments in healthcare, higher education, and childcare and nutrition, it would require approximately $4 trillion. Vice President of Washington Operations for the National Cotton Council, Reece Langley explained some of the cost would be covered by changes to tax policy, which could hurt U.S. farmers and ranchers.
“Some of the things being talked about include taxing capital gains on assets at the time of the individual’s death. Also, making changes to the estate tax exemption levels and also possibly removing the step-up in basis provision or limiting the amount of gain that would be eligible for a step up in basis,” Langley noted. “Obviously all of those changes could have very severe negative consequences on Americas family farms and the value of the land and being able to pass that land and other assets from one generation to the next.”
Listen to the radio report below.
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