Beef Buzz News
NCBA's Danielle Beck Says Eliminating Stepped Up Basis Would Severely Hurt Family Farms
Wed, 30 Jun 2021 08:08:55 CDT
The Biden Administrationís ambitious spending and taxing plans are creating concern among cattle producers, said Danielle Beck, senior director of government affairs for the National Cattlemenís Beef Association.
Ron Hays Beef Buzzes With Danielle Beck
At the top of the cattlemenísí list is a change in stepped up basis.
Stepped up basis is absolutely the number one tax priority weíre focused on here in Washington, D.C., Beck said.
The Presidentís plan would repeal a step up in basis for any assets over $1 million.
Under his proposal any gain in excess of $1 million would be hit with a capital gains tax, Beck said.
There is also talk of raising the top capital gains rate, she added.
With land being the largest asset in agriculture and with many multi-generation operations, the $1 million threshold would be easily reached.
Beck said there has been discussion of protection for family farms as long as they stay in the family, but that is a very complicated proposal to achieve as the tax code does not recognize family as nephews and cousins.
Ultimately, we canít afford to lose stepped up basis.
The NCBA official said there have been studies indicating agriculture would be severely impacted if stepped up basis is eliminated.
Beck points out it is not just agriculture that would feel the pinch.
She quoted one study that showed the total impact on all family-owned businesses of eliminating stepped up basis would be a loss of 80,000 jobs in each of the first ten years and 100,000 jobs would be lost each year thereafter.
Itís estimated to decrease GDP by $10 billion annually or $100 billion over ten years.
Family businesses will be hurt the most, she said.
Agriculture producers need to be communicating this to their congressmen, she said.
Direct input from constituents really does make a difference, Beck said.
Click on the LISTEN BAR below to hear more comments from NCBAís Danielle Beck.
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