American Farm Bureau Federation President Zippy Duvall today commented on the recent proposals by several lawmakers to tax unrealized capital gains at death and roll back the stepped-up basis on those capital gains.
“Taxing capital gains when a loved one passes away would have a devastating impact on farm and ranch families, even more so if the stepped-up basis tool is taken out of the toolbox. Stepped-up basis encourages families to grow their businesses and pass them on to another generation, and elimination could force those families to sell their farms just to pay the taxes.