We have reached a critical point in the tax debate in Congress and it is extremely important for you to reach out to your U.S. Representative and Senators to fight against negative tax proposals.
Legislation has been updated to cut the estate tax exemption rate in half from $22 million per couple to $11 million per couple and restrict use of the Sec. 199A business income deduction. It is also crucial to continue talking about the importance of other key tax provisions, such as stepped-up basis, Sec. 199A business income deduction, like-kind-exchanges and capital gains. Many of the tax proposals being circulated in Congress would be devastating to agriculture and small businesses.
Please contact your U.S. Representative and Senators and respectfully ask them for the following:
- DO NOT cut the estate tax exemption rate in half at the end of 2021. Failing to protect the current rate would put millions of farms in jeopardy.
- DO NOT restrict the use of Sec. 199A business income deduction. Doing this would add additional tax burden on farmers and ranchers.
- DO NOT end stepped-up basis. Abolishing this provision would create a new supercharged death tax, making it impossible for agricultural and small business operations to survive.
- DO NOT raise capital gains taxes. As farm families struggle from natural disasters, supply chain issues, the pandemic and sluggish markets, now is not the time to raise capital gains.
- DO NOT end the use of like-kind-exchanges, which allow the exchange of similar assets without tax consequences.
Now is not the time to impose a massive new tax that could put families out of business!