Agriculture groups are voicing concern about the expected move by the administration to propose higher capital gains taxes and elimination of the stepped up basis. University of Nebraska Lincoln Extension Ag Economist and Policy Specialist Dr. Brad Lubben says at this point it’s only a proposal but the concern is definitely there.
He says if the stepped up basis is eliminated it will negatively impact agriculture.
Lubben says farmers and ranchers will be more negatively impacted by elimination of stepped up basis and an increase in capital gains taxes than the general public.
The Biden administration is looking for a way to pay for at least $1 trillion in new spending for education, domestic concerns and paid family leave.
