Grassley voices concerns about possible estate tax changes
Estate tax questions are burning among farmers.
Iowa U.S. Senator Chuck Grassley says many are concerned about how President Biden’s tax proposals would impact family farm transfers.
“Estate and transfer taxes coupled with the rising cost of farmland would just bring havoc on family farms throughout the entire Midwest.”
He says it would take younger generations decades to pay off the land under the Democrat plan.
“Their radical proposal would raise the capital gains rate (and) also roll back the death tax exemption that I worked diligently with my colleagues to double (through) the Tax Cut and Jobs Act.”
Grassley says threats to stepped-up basis also remain with many Democrats in the Senate looking to do away with it.