Stepped-up-basis change won’t affect most family farms

Just as the Republicans demagogued the federal estate tax issue, it appears that they are trying to do the same with the Biden administration’s change to the stepped-up basis loophole that allows unrealized capital gains to avoid being taxed at the time of death. (“Eliminating stepped-up basis would stomp Iowa farmers,” by Rep. Ashley Hinson Sept. 26). The American Family Plan proposed by the Biden Administration will partially close this loophole and protect family farms at the same time. In addition to a $2 million per couple exemption, all capital gains taxes are deferred as long as the farm remains family owned and operated. As with the estate tax Rep. Ashley Hinson is only serving her wealthy donors. Her faux outrage has little to do with protecting the family farms in Iowa.

Brian Claney

Cedar Rapids