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Farm Bureau tax specialist expects big policy changes with Democrats in control

An American Farm Bureau tax specialist suggests some major policy changes could be coming as Democrats take control of Congress and the White House. 

During a Farm Bureau convention virtual session Monday, Pat Wolff said AFBF expects new tax legislation to be unveiled fairly soon.

“Maybe big tax legislation in the first six months, and the reason for that is the Democrats have talked about some big policy changes in the next Congress.”

She says Republicans spent the past two Congresses enacting business-friendly tax policies.

“The Democrats have said they would like to focus more on individuals. They’re talking about raising taxes on high net-worth individuals and on businesses.”

Wolff says Farm Bureau is concerned about the estate tax because some Democrats talked during the campaign about cutting the current exemption of $11 million in half.

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