Source: Paul Neiffer, AGWEB, 7/30/21

President Biden’s American Families Plan proposes a new transfer tax on farm and ranch families.  Many commentators refer to this as an elimination of the step-up in basis.  This is incorrect.  Step-up in basis remains, however, families will now face a burdensome transfer tax during lifetime or at death. Farming and ranching are very capital-intensive with low margins, subject to the whims of weather and markets outside the control of the farmer or rancher.

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