Source: Chuck Abbott, SUCCESSFUL FARMING, 6/3/21


The Biden administration could “impose a significant financial burden” on farm families with its proposal for stricter application of capital gains taxes, said House Agriculture chairman David Scott on Wednesday. Scott also said any increase in estate taxes “for those taking over farmland is untenable.” With his letter to President Biden, Scott became one of the highest-ranking congressional critics of the president’s proposal to end the practice of assessing assets, including land, at their current value when they’re passed down to heirs rather than the increase since they were originally acquired.

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