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Potential Biden tax problem discussed by Wisconsin corn growers
Farmers are talking about potential tax law changes under the Biden administration. Steve Duwe told the Wisconsin Corn Growers Association annual meeting the stepped-up basis in the federal tax code excluding appreciation between when the property was purchased and when it was handed down is important and should not be taken away. “The present administration would like to get rid of it and this is a huge benefit to us. I mean, they’re looking at putting this capital gains stuff in at about 40%, which could actually even be worse than the inheritance tax.”
Duwe says it will remain important for agriculture groups to team up with small business groups and keep this issue top-of-mind with elected officials and urge them not to simply vote with the president. “If the administration gets all that they want, we’re going to be paying dearly for all of this other stuff that’s going on right now, and they’re going to try and milk it out of us.”
Wisconsin Corn Growers Association Executive Director Nicole Wagner says work is already underway at the national level to address this concern. “NCGA recently joined a real estate tax caucus or group to help fight this. It includes manufacturers, other states, other ag organizations. Sugar beets was a new one that is actually joining in on this, so there is going to be a lot of activity nationally around this.”
The Wisconsin Corn Growers Association added language to their resolutions to emphasize their support for current tax law.
The Wisconsin Corn Growers also held elections during Thursday’s annual meeting. Mark Hoffman was selected as the new state president as Doug Rebout declined another term. Mike Berget is the new vice president. Casey Kelleher is off the board after his three-term limit, and members selected new board members Luke Goessling and Andrea Brossard.
