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Tax Changes May Hit Family Farms Hard

Posted July 26, 2021
in Top Ag News

Multi-generational family standing in front of their John Deere tractorA massive infrastructure bill that could majorly affect farming taxes, due to reconciliation, hit the U.S. Senate floor last week. The bill proposed to raise capital-gains taxes and eliminate stepped-up basis for inherited assets — moves that could leave heavy burdens and devastation to nearly 2 million farmers and family businesses. Some lawmakers are arguing for full exemption for farms and ranches be written into law. Read the full breakdown of the current situation and how it could affect ag families.

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