By Jacqui Fatka
Delta Farm Press
A major piece of the Biden administration’s Build Back Better plan includes significant tax changes. Several members of Congress continue to seek out additional insight on how proposed changes could impact their rural constituents.
The plan would eliminate the step up in basis above $1 million per individual or $2 million per couple. Second, the plan would increase the capital gains tax to as much as 43.4% for individuals with an income over $1 million. And finally, the plan would place a cap on the use of like-kind exchanges.