An economist says even the USDA recognizes the impact of changing the stepped-up basis on farmers. John Newton is the chief economist for the Ranking Member of the Senate Ag Committee. He tells Brownfield, “USDA’s own economist last week released a report indicating that 65% of the value of ag production would be impacted, would have a new tax liability with the elimination of stepped-up basis.”
Newton dove into the numbers to see how many farms would be impacted by the Biden Administration’s proposed tax changes eliminating stepped-up basis.
