During a congressional panel discussion at Dakotafest, farmers and ranchers expressed concerns about changes in tax policy. South Dakota Senator Mike Rounds, a panel participant, said the concerns surround stepped up basis. “The loss of that and the federal estate tax could come back into play. That could really make an impact on family farms being able to passed on from generation to generation.” Rounds said there will not be Republican support for the $3.5 trillion reconciliation package. “They need every single Democrat to vote yes. We’re lobbying Democratic colleagues about how serious this is and there are three to four of them who understand it. We’re trying to get them to challenge their own party.”
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