A coalition of more than 40 farm groups, including the American Sugar Alliance, is voicing concern about President Biden’s tax proposal. In a letter to congressional leadership, the groups emphasized the need for the current estate tax exclusion limits and stepped-up basis. ASA Associate Policy Director Rob Johannson also says more details are needed on the tax proposals. “There had been analysis done by an outside group, Ernst and Young, to look at what some of the tax proposals could mean. There were substantial impacts, depending on the implementation. This letter was voicing concern, but also willingness to discuss this more with leaders.” Tax proposals are expected to continue as the Biden administration moves forward on key initiatives. “Hopefully, there will be a chance to have more engagement with farm groups concerned how this will impact household operations.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.