President Biden wants to raise the corporate tax rate to 28 percent to help pay for the American Jobs Plan. American Farm Bureau Federation Executive Vice President Dale Moore says there can be unintended consequences when tax rates are increased. “When tax increases begin, it’s easy for someone to say we’re still several thousand dollars short and then, take another grab.” Infrastructure is a priority for farm groups like the American Farm Bureau Federation and they want to move forward in a bipartisan way to fund infrastructure improvements responsibly. Moore says the devil is in the details. “If taxes are what’s going to pay for this, one of the issues we’ve been hearing about lately is the elimination of stepped-up basis. That’s not something we’d consider a win. It could put farmers out of business.”
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