Stepped-Up Basis with Grassley
I’m Bob Larson. Agriculture’s fight to preserve the stepped-up basis tax treatment of farms and ranches at death may not be over yet. That’s according to one senior Midwest Ag Senator.
Iowa Republican on Senate Ag and tax-writing Senate Finance Committees Chuck Grassley, says some lawmakers may still push to end the stepped-up basis, even after House Ways and Means formally ditched that plan …
GRASSLEY … “The leaders in the House writing the tax bill have said they still have to deal with that, so that’s not over, even in the House. And I’m sure Democrats in the Senate are going to try to push doing away with stepped-up basis—at least their chairman. Now, maybe he won’t get away with it, and I hope he doesn’t get away with it, but this battle isn’t over, yet.”
And then, Grassley says there’s the halving of the estate tax exemption, also key for intergenerational farming …
GRASSLEY … “The whole thing’s going to sunset in 2025, but they’re moving up that provision of the 2025 bill to 2021.”
Grassley says the top long-term capital gains rate would go to 25%, up from 21%, all to help pay for the Democrats’ $3.5 Trillion Biden budget bill that may now have to be scaled back.
