IARN — Iowa Congressman Randy Feenstra says the Biden Administration’s proposed changes to the stepped-up basis tax policy is essentially the death tax with a new coat of paint.
Feenstra and House Republican colleagues are hoping to strike down the administration’s proposed repeal of the stepped-up basis, which adjusts the cost basis of an inherited asset when it is passed on in death. Feenstra tells IARN that a recent study from Texas A&M’s Agriculture and Food Policy Center found that stepped-up basis changes would impact 98% of family farms and impose an additional tax liability of over one million dollars on farms in the Midwest.
“This should be a dramatic concern,” said Feenstra. “We’ve been working with the administration, with the Majority Leader from Ways and Means, and I’ve also been working with the Ranking Member to explain to people that this is a double tax. This is in essence a death tax with a new coat of paint. This would be catastrophic for our farming community, especially families across the Fourth District and across Iowa that are looking to pass their farm onto the next generation.”
Feenstra says constituents in his district are concerned that the stepped-up basis changes would be financially devastating.
“I’m hearing about this from everybody. This is probably the number one topic right now,” said Feenstra. “I’m just tired of this Biden Administration – whether it be WOTUS, stepped-up basis, going after biofuels – we’re just not catching a break from this administration and I’m so disappointed with that. We are the breadbasket to the world, and it just seems like every time we have to take another hit from the government. Our producers do a great job, and our biofuel industry does a great job of promoting clean energy. I just humbly ask – whether it be the EPA director or the Biden Administration – that they understand how important we are to the rest of the world.”
President Biden originally introduced his plan to do away with the stepped-up basis as a means to help pay for his infrastructure plan.
For the complete article from the Iowa Agribusiness Radio Network CLICK HERE
