President of the Nebraska Farm Bureau: Biden administration is not sensitive to agriculture | Colorado Springs News
The Biden administration’s proposed U.S. Family Plan would fund improvements in education, child care, health care and family leave through a series of tax hikes, including increasing the capital gains tax.
A proposal that would particularly affect farmers would eliminate the so-called “grossed-up base” which calculates capital gains taxes on inherited property based on its value on the owner’s death, not on the amount they paid. for ownership of years earlier.
“Right now, it’s not in the bill, basically because business and agriculture have strongly opposed it,” Nebraska Farm Bureau chairman Mark McHargue said in The Center Square. “But some representatives have talked about putting it back.”
In a recent opinion piece in the Wall Street Journal, US Secretary of Agriculture Tom Vilsack wrote that the strengthened base protects investors more than farmers and ranchers.
“This is absolutely wrong,” McHargue said.
The elimination of the reinforced base has been included and removed from the bill as the legislation progressed, McHargue added.
“I think we have to be very aware that at any time it could gain ground and they would reject it,” he said. “We cannot let this happen.”
The legislation also proposes to increase corporate income tax, which would affect farmers who have incorporated their farms, McHargue said.
“In general, this administration does not seem to place a value on agriculture,” he said. “There have been several proposals from this administration that are not sensitive to agriculture. It is very different from the previous administration. This administration did not respond to our request for important information and meetings.”
McHargue said the Biden administration had failed to clarify many other tax proposals, including a methane tax and climate environmental provisions.
“We cannot get any clarification on what they are or how they would be implemented,” he said. “It is very revealing of this administration.”
Original location: President of the Nebraska Farm Bureau: The Biden administration is not sensitive to agriculture
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