AUDIO: Money Matters 9-28-17
President Donald Trump unveils his tax reform plan in Indiana.
The president pushed his tax reform proposal in Indianapolis, Indiana Wednesday afternoon.
?I?ve been waiting for this for a long time. We are going to cut taxes for the middle class. Make the tax code simpler and fairer for everyday Americans. We are going to also bring back the jobs and wealth that have left our country,? Trump says.
An area many Ag groups wanted was to see fixed was the elimination of the death tax.
?We?re finally ending the crushing, horrible, unfair, estate tax or as it is often referred to, the death tax,? the president touted.
Many farm groups applauded Trump. One of them was the American Farm Bureau Federation.
?That is really good news,? AFBF Tax Policy Specialist Pat Wolff says. What is not known is what will happen to stepped-up basis.
?Stepped up basis impacts capital gains taxes on farm property when it is sold. Some argue you can?t have both death tax repeal and keep the stepped up basis. That is going to be a big push over the next couple of months as congress works on this bill,? Wolff says.
Other groups who support the framework include the National Cattlemen?s Beef Association. Both groups say they will watch congress closely to ensure the final reform bill benefits America?s farmers and ranchers.
