Hawkins Sends Letter to President Biden Opposing New Death Tax

JEFFERSON CITY, MO – Today, Missouri Farm Bureau President Garrett Hawkins sent a letter to President Joe Biden opposing efforts to implement a new tax on death. President Biden has proposed eliminating the longstanding "stepped-up basis" rule, nearly doubling the capital gains tax rate and changing the tax to be due upon death.

The letter cites a study conducted by EY on behalf of the American Farm Bureau Federation (AFBF). The study found that these changes would destroy 800,000 jobs and reduce GDP by $100 billion in the first 10 years alone.

In the letter, Hawkins said, "Agriculture is the backbone of Missouri’s economy, and we strongly oppose efforts that would make it more difficult, costly, and burdensome for our farm and ranch families to thrive and plan for the future."

The President's proposal suggests he plans to defer this tax on family farms. Even if he holds to this promise, the elimination of stepped-up basis would dramatically increase the tax burden on farm families. A separate AFBF analysis estimates that this change would raise taxes by an average of $498 per acre in Missouri for a farm that had been in the same family since only 1997. Families with longer ownership histories would likely owe even more.

Missouri Farm Bureau has long opposed taxing surviving families simply because a loved one dies. As the state's largest farm organization, MOFB believes in making it easier for farms to remain in the same family for generations.

The Caldwell County News

101 South Davis
P.O. Box 218
Hamilton, MO 64644
Phone: 816-583-2116
news@mycaldwellcounty.com

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