Iowa Congresswoman confident farm families will be protected from changes to capital gains tax
A Democrat member of the House Ag Committee is assuring farm families they will be protected from possible changes to the capital gains tax.
Cindy Axne of Iowa tells Brownfield President Biden and Vice President Harris have already stated that family farms are to be deferred from the stepped-up basis.
“I want to make that very clear because I feel that there’s a lot of misinformation going on out there. And I want to make it very clear that the capital gains tax already has exclusions of up to almost $3 million.”
She says none of the proposed tax changes are likely to occur this year.
“Because we have to get this package done, and then move forward. Next year we would hopefully be breaking ground, and next year I would think (the tax changes) would be going into action.”
Axne says while the President has said he wants to protect family farms, it’s up to Congress to craft the right language. That’s why she and a dozen other House Democrats recently sent a letter to House leadership urging them to exempt family farms from any changes to stepped-up basis.