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Infrastructure proposal potential effect on estate tax
An Ohio State University ag economist says President Biden’s $2 trillion infrastructure proposal could affect estate tax rates.
Carl Zulauf tells Brownfield it’s not hard to see the final cost of the infrastructure plan setting the table for estate tax negotiation.
“Where that number ends up will greatly affect where the debate on taxes begins because the smaller the amount of money you spend on infrastructure, the smaller the amount of money you need to raise,” he said.
Zulauf says there is pressure on both sides to raise or lower the current exemption level of $11.7 million. But he says a larger infrastructure plan would also benefit agriculture.
“Waterways would be a big one, transportation would be a big one for farmers,” Zulauf said. So, I think it’s important to keep in mind that they are a player on both sides of this debate; both the level of taxes and the value that they get for their taxes.”
Zulauf says there has been a general movement of lowering tax rates for the last four decades but that trend could be turning.
