Items Tagged with 'stepped-up basis'

Following an outcry from farm groups and rural lawmakers, House Democrats proposed a tax package Monday that omits President Joe Biden’s proposal to tax capital gains at death.

House Democrats look to finish pulling together their $3.5 trillion tax and spending package this week, despite a fierce internal struggle over the taxes they need to pay for it and delays in finalizing $94 billion in agriculture provisions.

House Democrats are forging ahead with writing a massive new tax and spending package with major implications for the next farm bill as well as producers’ finances.

House Democrats are setting aside the Senate-passed bipartisan infrastructure bill this week to take up a $3.5 trillion budget resolution needed to move President Joe Biden's domestic spending priorities and climate policy.

After weeks of negotiations, the Senate moved quickly this week to pass a bipartisan infrastructure package Tuesday that was quickly followed by a party line vote early Wednesday morning to advance a $3.5 trillion budget framework.

Senate Democrats released a fiscal 2022 budget resolution that calls for $3.5 trillion in new spending, including as much as $135 billion for agriculture and child nutrition programs, funded largely by a border carbon tariff and tax increases on capital gains and high-earning individuals.

Some moderate Democrats in the sharply divided House are raising concerns about a planned $3.5 trillion reconciliation package and don’t want its passage tied to the fate of a bipartisan infrastructure bill.

In this opinion piece, former Rep. Collin Peterson, D-Minn., discusses how family farms and ranches will negatively be affected due to the transfer tax that would have to be paid to use stepped-up basis.

Representatives of the United States, Mexico and Canada sit down to hash out trade disagreements this week, while President Joe Biden continues discussions with Republicans on an infrastructure package.

One of President Joe Biden’s tax proposals to address economic inequality while raising new revenue for domestic spending priorities would make it harder for farmers to use like-kind exchanges to defer taxes when they sell land to acquire other acreage.