In a joint session address to Congress, President Joe Biden focused on continued calls to “build back better” and to pay for many of his priorities with tax reform. The American Families Plan encourages family farms to stay in the family and does not tax farm and asset transfer to family members upon death, but there are still concerns from farm groups on the impact to those in rural America.
The American Families Plan would repeal the deferral of gain for real estate like-kind exchanges – also known as 1031 exchanges- for gains greater than $500,000 and eliminate stepped-up basis for gains in excess of $1 million ($2.5 million per couple “when combined with existing real estate exemptions”) and tax said gains on any property not donated to charity.
Ag industry skeptical of Biden s tax plan
beefmagazine.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from beefmagazine.com Daily Mail and Mail on Sunday newspapers.
Ag industry skeptical of Biden s tax plan
farmprogress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from farmprogress.com Daily Mail and Mail on Sunday newspapers.