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Pig farmers concerned about possible capital gains tax reform
There are increasing concerns among farm families about potential tax law changes.
U.S. Senator Chuck Grassley recently traveled to more than 20 Iowa counties and says a lot of pork producers wanted to discuss some members of Congress proposing to reform capital gains tax legislation.
“It would particularly hit the high investments that people have to have for raising pigs.”
He says Democrats are introducing bills that would reduce the estate tax exemption and eliminate stepped-up basis.
“If they’re going to get it done on a party-line basis, it would have to be a part of reconciliation. I don’t see them getting 60 votes to accomplish what they want to accomplish on this tax bill.”
Grassley suggests Republicans could stonewall efforts to change the estate tax by defending the 2017 Trump Tax Reform Plan similarly to how Democrats prevented the previous administration from making changes to Obamacare.
Grassley made these comments during his weekly call with ag reporters Tuesday.
