AUDIO: Jeff Bush, The Washington Update
Many farmers across the country want the estate tax eliminated when a tax reform bill makes it through Congress, but are there implications?
Jeff Bush is a political analyst for The Washington Update in Washington, D.C. He says eliminating the death tax will have positives but also negatives.
?If you truly did estate tax reform and got rid of the estate tax, that would be a great thing for farmers and business owners alike,? Bush says.
But Bush says there are challenges with what the Republicans have eluded to.
?There would be an elimination of stepped-up basis. This means when your children inherit the business or the farm. They would owe capital gains all the way back to the purchase price of that land or business. You can imagine the complexity of trying to figure that out,? Bush says.
Bush spoke at the Iowa Bankers Association?s annual conference in Des Moines Monday.
