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Republican Ag Committee members want details on proposed tax increases
Republican Senate Ag Committee members have asked Ag Secretary Tom Vilsack to publicly disclose any economic analyses that clarify how the Biden administration’s proposed tax increases will impact farms and ranches.
In a letter, ranking member Senator John Boozman of Arkansas questioned the USDA’s analysis of President Biden’s proposed changes in capital gains tax rates and the modification of stepped-up basis. The group is specifically questioning how the USDA arrived at its conclusion that 98% of farm estates will not be impacted by the proposed tax changes.
The letter was signed by seven other Republican senators who serve on the committee: Senator Chuck Grassley (IA), Mike Braun (IN), Joni Ernst (IA), John Hoven (ND), Cindy Hyde-Smith (MS), Roger Marshall (KS), Tommy Tuberville (AL).
