The Biden administration is expected to unveil a spending plan this week that will likely include some changes in tax policy.
One possibility is the elimination of stepped-up basis, which allows land and other investments to pass from one generation to the next without capital gains taxation at the time of death.
Jim Hagedorn, a Republican Congressman from Minnesota, tells Brownfield that would be devastating to farm families.
“To basically reimpose a death tax, that’s going to crush agriculture and our family farmers, and make it very difficult to transfer over land generation-to-generation.
