A new economic study providing analysis on certain tax proposals pending before Congress provide insight into how farms may be affected should such measures become law. The Agricultural and Food Policy Center (AFPC) at Texas A&M released findings on June 15th that show how farms are likely to be impacted by certain tax proposals currently under consideration in Congress. The AFPC focused their anaysis on two bills—the Sensible Taxation and Equity Promotion (STEP) Act, which proposes to eliminate stepped-up basis upon death of the owner and the For the 99.5 Percent Act, which would decrease the estate tax exemption. The findings of the report indicate that the measures, if enacted, would have a negative impact on many families that own and operate farms and ranches.
More below:
https://www.afpc.tamu.edu/research/publications/files/708/RR-21-01.pdf
https://republicans-agriculture.house.gov/news/documentsingle.aspx?DocumentID=6936
https://www.foxnews.com/opinion/biden-tax-increases-farmers-ranchers-hit-sen-john-boozman