The Impact of Biden's Tax Proposals on Agriculture, Small Businesses
May 12, 2021
Many parts of the economy in our great state of Nebraska are thriving.
However, the new slate of tax increase proposals coming from the Biden Administration will undermine the success of Nebraska, and states like it, by removing capital from family farms and small businesses at a time when we need to be encouraging economic growth.
Among the most troubling tax proposals for family-owned businesses across the Third District, and the nation, is the repeal of stepped-up basis and taxation of capital gains when property is inherited at death. Under current law, our tax code recogni...