It’s critical that farmers in Iowa, and those in every other state, maintain pressure on lawmakers to resist changes to the federal tax code that would devastate the future of generational family farms, Iowa Sen. Charles Grassley said in a newly released Iowa Farm Bureau podcast.
Grassley, along with other farm-state lawmakers and leading farm groups, is very concerned about recent legislative proposals to raise tax revenue by eliminating or drastically scaling back tax provisions, such as stepped-up basis. It’s a concern they are picking up from the countryside.
A real world concern“I hear about stepped-up basis in so many of my county meetings. It’s a real-world concern for farmers,” Grassley said.
Under current law, a person who dies with appreciated land or other assets isn’t...