The Chairman of the House Ag Committee is pushing back on President Biden’s proposed changes to tax provisions. In a letter to the President, Representative David Scott of Georgia says the proposed changes could hurt family farmers, ranchers, and small businesses.
He says the step-up in basis provision is a critical tool that allows family farms to be passed onto the next generation. And he says any increase in inheritance tax for those taking over farmland is unsustainable and would further strain the farm economy that continues its recovery from the pandemic.
