capital gains

In a surprising twist, a Republican and a Democrat join forces to protect family farms. It’s all about keeping agriculture in the family tree.

As the debate over a capital gains tax in Washington continues, it’s looking more and more likely that the farming community will be subject to those taxes, despite earlier assurances that they wouldn’t be.  At issue is the constitutionality of the capital gains tax passed by lawmakers in April 2021, that looks to issue a 7% tax on all transactions of $250,000 or great.  The issue is curren... Rea

An agricultural group has put its name on a lawsuit opposing the new capital gains income tax in Washington. The Washington Cattlemen’s Association and the Building Industry Association of Washington filed a second amicus brief Monday opposing the state’s tax on capital gains. The Was ...

Sweeping tax changes for Ag are included in the Democrats’ massive social spending bill, which could soon be headed to the House floor. Supporters of farm country said this week the best news for agriculture is that House Democrats dropped the president’s plan to impose a capital gains tax on producers at death. The idea ...

American Farm Bureau President Zippy Duval pushed back against the Biden Administration’s stance that most small family farmers will escape a proposed capital gains tax to replace the stepped-up basis. Duval disputed the White House’s claim that a $2 million per couple exclusion on the gain on farm assets and that passed onto children, will let most off the hook on any new capital gains tax. “Wel

During the 2021 legislative session, Washington lawmakers passed a new capital gains tax; a tax that will be challenged in court. Pam Lewison with the Washington Policy Center said with no exemptions for farm lands, the tax will have severe impacts on producers statewide. ...

The Purdue University/CME Group Ag Economy Barometer tumbled significantly in May, dropping 20 points to an index reading of 158. That marks the lowest point for the survey since September. Producers were less optimistic about both the current conditions and the future of the agricultural economy ...

The National Cattlemen’s Beef Association says President Biden’s proposed new capital gains tax at death would be devastating for cattle producers. NCBA’s Danielle Beck said the taxes proposed to pay for massive infrastructure and social spending “threaten the viability” of family farming and cattle operations,  especially a new tax on capital gains at death that ends the ‘stepped-up basis’. “Tha

A trio of new tax hikes for farmers and ranchers, that’s how the American Farm Bureau’s tax adviser describes President Joe Biden proposal to pay for infrastructure and social packages. During last week’s joint session of Congress, the President said: “We’re going to get rid of the loopholes that allow Americans to make more than a million dollars a year, and pay a lower tax rate on their capital

American Farm Bureau Federation President Zippy Duvall says the organization objects to a proposal by several lawmakers to tax unrealized capital gains at death and roll back the stepped-up basis on those capital gains. Duvall said, “Taxing capital gains when a loved one passes away would have a devastating impact on farm and ranch families.” Ev ...