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ASA: farmers relieved, but still mindful of estate taxes

American Soybean Association Vice President Brad Doyle says farmers breathed a sigh of relief when potential changes to estate taxes were left out of the Build Back Better spending bill.

Many ag groups, including ASA, have been highlighting the importance of stepped-up basis.

“I think we were willing to give up many of the other topics to protect that because it’s vital to the family farm to continue in all of the United States and all crops,” he says. “That was a big win and we’re going to continue to protect that.”

He tells Brownfield it’s especially critical to protect family farms.

“There are some challenges when we start trying to increase the inheritance tax or the estate tax and so it’s very important for us to keep telling our story of how we want to avoid that,” he says.

Brownfield spoke to Doyle during Trade Talk at the 2021 NAFB Convention.

Audio: Brad Doyle