Nebraska Farm Bureau members are concerned with the tax direction the Biden Administration is taking with an increase proposed for capital gains, elimination of the stepped up basis and most recently the inclusion of a transfer tax. Farm Bureau Senior Economist Jay Rempe says the transfer tax transfers appreciated property and subjects it to capital gains tax to the extent the realized gain exceeds one million dollars. He says that would place a tough economic burden on agriculture.
He says if the transfer tax gets approved it would be tougher on farmers and ranchers than the estate tax which has been a long time concern.
Rempe says besides the transfer tax, capital gains, and the estate tax the other main concern they have is with possible elimination of stepped up basis.
Rempe says to add a slew of taxes to the economic woes agriculture has been experiencing lately with the drought, the pandemic and recent low commodity prices would make it difficult for farmers and ranchers to achieve profits.
Rempe says they’re continuing to work with the American Farm Bureau on weighing in on those tax discussions.
