Some Democrat Senators responding to the recent introduction of legislation to permanently repeal the estate or death tax are proposing a plan to tax unrealized capital gains at death. Minnesota Farm Bureau President Kevin Paap says that’s concerning as that would prevent many farms and ranches from being passed on down to the next generation.
He says his group’s members will stay engaged with lawmakers on all the tax issues whether it be repeal of the estate tax, a tax on capital gains at death or stepped up basis.
Paap says the Easter Break for Congress is a great opportunity for farmers and ranchers to speak with their elected officials about these tax concerns and other issues impacting agriculture.
Senators Cory Booker of New Jersey, Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts are leading the effort to tax capital gains at death.
