News

Senator says Arkansas farmers very concerned about potential tax policy changes

Potential changes in tax policy remains one of the top concerns for Arkansas farmers.

US Senator Tom Cotton says the issue came up several times during his ag roundtable held in Southeastern Arkansas earlier this week.  “Some of the young farmers that were there are very worried about the Biden Administration’s tax proposals,” he says.  “For instance, eliminating stepped-up basis and treating death like a capital gains tax event that would prevent any families from staying in the farming business.”

Ag Secretary Tom Vilsack has said there would be exemptions for farmers, but the Arkansas Republican tells Brownfield fighting against the elimination of stepped-up basis is crucial.  “The Democrats’ thirst for your tax dollars seems to be unquenchable to spend on all of their pet projects,” he says.  “So I’m working non-stop in Washington to try and protect our farmers and our ranchers and our small business from Joe Biden’s new destructive death tax.”

Cotton says the Navigable Waters Protection Rule and carbon credits were also discussed. 

AUDIO: US Senator Tom Cotton