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.
