President Biden rolled out the “American Families Act” this week, targeting several provisions on the tax code. While the ag sector has voiced concern over potential implications for family farms, the administration promises to protect agriculture.
U.S. Ag Secretary Tom Vilsack speaks with RFD-TV’s own Janet Adkison on how this will impact farmers, the big takeaways, and the benefits.
“Our message is reassurance that the administration listened to the concerns I expressed and a number of folks expressed about the impact of eliminating the stepped up basis as it relates to family farms... this plan, from a tax perspective, should not eliminate or make it difficult for them to pass on the family farm to their family...” Vilsack explains.
He goes on to note, “I think the administration listened to the concerns expressed by farm families across the country and basically carved out an exception under the families plan and the tax proposal to make sure the family farm is preserved and allowed to continued to be in the family and operated as a farm...”
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Related:
Highlights from Biden’s joint Congress speech
Sen. Marshall on President Biden’s speech, tax plan, American Families Act
Takeaways from Biden’s “100 Day Address” that impact rural America