Traveling America’s heartland, American Farm Bureau President Zippy Duvall is talking to farmers and ranchers about priority issues facing their operations. Duvall says farmers are worried about proposed changes on a stepped-up basis.
“They're very concerned about the conversation that's being had around taxes and how we will move forward on the stepped-up basis.
The stepped-up in basis provision adjusts the cost basis, of inherited assets like stocks, bonds, and more importantly, farmland when it is passed on after death.
They have contacted their Congressmen and Senators. So, we've had tremendous support, even to the point that we've had some Congressmen and Senators write letters from both sides of the aisle to leadership and to the President about how important it was to not to change stepped-up basis, and how important it was to us to be able to continue to pass our family farms on to the next generation,” said Duvall.