From estate taxes to capital gains and cost recovery, House Republicans and President-elect Donald Trump are floating proposals to make significant changes to tax provisions important to farmers and ranchers. Speaking at AFBF’s 2017 Annual Convention & IDEAg Trade Show, tax experts discussed the impact of potential tax changes for those involved in agriculture.
Both House Republicans and the president-elect have proposed eliminating estate taxes. However, while the House Republicans haven’t said anything about stepped-up basis—an essential provision for farmers and ranchers—Trump would do away with stepped-up basis for estates over $10 million. Trump would also subject transfers at death to the capital gains tax, with protections for small businesses.