Tax proposal could affect farmers, estates, more

NE -- The Stepped-Up Basis Reform: a new proposal from the Biden administration to significantly change taxes for farmers. President Biden unveiled a $2 trillion infrastructure plan that the White House hopes to pay for by changes to the corporate tax code. A virtual panel from the University of Nebraska-Lincoln reviewed what the proposal could mean. 

It could potentially change how farmers leave their estates: raising capital gains, making inheritors liable for taxes, and changing how money is gifted, as account Paul Neiffer explained.

"It will affect how they pass on their land and assets for retirement," said Neiffer. "It sort of flips all of our planning."

Regardless of whether the plan passes, the panelists are optimistic

"They do have to have 10 Republican senators to agree for it to pass," said attorney Katie Samples Dean.