Treasury Secretary Jacob Lew is defending the President’s budget plan calling for higher inheritance taxes with the elimination of stepped up basis. He told the Senate Finance Committee last week that impacts to agriculture from the elimination of that provision are exaggerated. South Dakota Farm Bureau President Scott Vanderwal disagrees with Lew and says the negative impacts to farmers and ranchers would be severe.
Vanderwal says having the stepped up basis is important for everyone if they want to pass on their farming or ranching operation or business to their children or others.
Vanderwal is hoping when Congress weighs in on the President’s proposed budget they’ll defeat that plan to eliminate stepped up basis and keep it in place.