Farmers and farm organizations concerned about possible changes to the estate tax are looking for more clarity from the Biden administration.
Iowa Farm Bureau president Craig Hill says there’s a lot of uncertainty in government and the direction policy will take agriculture.
“Farm transfers to one generation from another shouldn’t be one where a family needs to go out and borrow millions of dollars to pay a tax bill of which the family has owned the property and worked the property all those years and wants to continue as a family farm.”
The President’s American Families Plan proposed significant tax law changes including the elimination of stepped-up basis.
