A report from the Texas A&M University Agriculture and Food Policy Center (AFPC) details the costly implications of the proposed tax changes being considered by Congress. Some of the tax policy changes proposed include eliminating the stepped-up basis for inherited assets and lowering the estate tax exemption. The study was commissioned by the House and Senate Agriculture Committees. Vice President of Washington Operations for the National Cotton Council, Reece Langley said the tax policy changes would create significant issues for farmers and ranchers.
“According to the AFPC analysis of 94 representative farms across the country – including crop and livestock operations – what they found is that 92 of the 94 farms would be impacted negatively by these proposed tax policy changes,” Langley noted. “The additional tax liabilities would average about $1.4 million per farm.”
Listen to the radio report below.