A Democrat member of the House Ag Committee is assuring farm families they will be protected from possible changes to the capital gains tax.
Cindy Axne of Iowa tells Brownfield President Biden and Vice President Harris have already stated that family farms are to be deferred from the stepped-up basis.
“I want to make that very clear because I feel that there’s a lot of misinformation going on out there. And I want to make it very clear that the capital gains tax already has exclusions of up to almost $3 million.”
She says none of the proposed tax changes are likely to occur this year.
