NCBA: good news, bad news for potential tax changes
December 2, 2021 By Kellan Heavican Filed Under: Ag economy, Ag taxes, Agriculture, Beef, Cattle, Economy, Livestock, Livestock, Nebraska, News, Taxes
The National Cattlemen’s Beef Association says potential tax policy changes are a mixed bag for cattle country.
NCBA Vice President Todd Wilkinson tells Brownfield some progress has been made. “I think we’re in a pretty good place. I believe the stepped-up basis is going to stay and I think we’re going to keep like-kind exchanges.”
But, he says the Biden administration wants to rollback current estate tax deductions by $6 million dollars next year instead of 2026 and that would be detrimental to land transfers. “My operation doesn’t have that kind of cash sitting around so ultimately what that would mean is sale of cattle, sale of machinery and sale of land.”
Wilkinson says the proposal might be attached to an omnibus bill even though the federal government reduced the cost of the Build Back Better Program. “If we have less pay fors maybe rural America is not going to get hit the way the Biden administration was taking a shot at us.”
Wilkinson spoke with Brownfield during the 2021 Nebraska Cattlemen’s Convention in Kearney, NE.
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