SFO - 4/29/2021 03:16
TAX PLAN IMPACT ON FARMS
Addressing the question of taxes on farm estates and a plan to eliminate the "stepped-up basis," the U.S. Department of Agriculture issued a statement before Biden's speech. USDA stated Biden's tax plan would have special protections for farms.
"No capital gains taxes at death for family farms," USDA stated. "This plan includes a special protection for family-owned farms and businesses. It defers any tax liability on family farms as long as the farm remains family-owned and operated. No tax is due if the farm stays in the family. No one should have to sell a family farm they inherit to pay taxes and the president's tax reform guarantees that."
Bidens Tax Plan For Family Farms.
