Beef Buzz News
NCBA's Danielle Beck on How the Biden Administration Plans on Funding Their Goals for the U.S.
Wed, 11 Aug 2021 09:53:53 CDT
Today’s Beef Buzz, from the 2021 Cattle Industry Convention in Nashville, Tennessee, is a service of Farm Data Services of Stillwater.
Hear more of Ron's conversation with Danielle
The Biden Administration is looking for cash to fund their brand-new, 1.2 trillion-dollar Bipartisan Infrastructure Framework, the American Jobs Plan, and the American Families Plan. Danielle Beck, senior director of government affairs for the National Cattlemen’s Beef Association, could mean trouble for some in the cattle industry.
“In Washington D.C., it’s a lot of hurry up and wait, but the Senate just passed their infrastructure bill,” Beck said. “In the world of tax policy, it’s go-time right now.”
Beck explained, now that the bill has passed, the Senate is now considering a budget resolution, which will serve as the blueprint to move forward in how this bill will be funded.
“It will be about 3.5 trillion dollars in proposed spending,” Beck said. “There will need to be about 1.75 trillion dollars in new taxes in order to pay for that.”
Beck said they are aware of the critical provisions for cattle producers that could be on the chopping block, like stepped-up basis, restricting like-kind exchanges, or even changes to the estate tax.
“We are working hard to educate all members of Congress on the importance of these provisions,” Beck said. “There is some pretty significant support there, particularly among key democrats - we just need to make sure we are keeping the pressure up because now is when it matters most.”
Beck said she believes the Biden administration will try to remove stepped-up basis, but there have been talks about purported protections - particularly for agriculture producers.
“If you keep the farm in the family, you won’t be hit with a transfer tax,” Beck said. “However, we believe that these purported protections are untenable.”
The U.S. tax code is highly restrictive on how ‘family’ is defined, meaning ‘lineal-direct decedents’ are the only acceptable family members passage of property would protect, Beck said. In other words, any family members other than direct children or grand-children and so on of the deceased would still have to pay the transfer tax, Beck added.
“I don’t believe there is a practical way to do that through IRS regulations,” Beck said. “We are advocating hard to see stepped-up basis preserved in its entirety in its current form.”
Beck said, if stepped-up basis does not end up on the chopping block, something else will. In particular, estate taxes and/or the 99 Percent Act, which increased tax rates on decedent estates, gifts, and generation-skipping transfers, may be revisited and increased down the road, Beck said.
Click on the LISTEN BAR below to hear more from Danielle Beck on this issue.
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