Vilsack says Build Back Better plan supports rural America without tax impact on farmers
Build Back Better is Pres. Biden’s message when it comes to infrastructure.
The price tag has been cut in half as it now stands at $1.75 billion and Ag Secretary Tom Vilsack tells NTV it’s paid for by the wealthiest Americans.
“The rest of us may very well see a tax cut. With the child tax credit, that’s going to affect 39 million American families with tax relief,” Sec. Vilsack said in a Zoom interview with NTV.
Ag groups had raised concerns about paying for Pres. Biden’s agenda by eliminating the stepped up basis, which could impact how a farm is passed from one generation to the next.
Where does that stand?
“Out. O-U-T. Not in it. No change to estate tax, no change to capital gains, no change to stepped up basis. Who’s paying for this? Corporations that haven’t paid a single dime and are making billions of dollars and individuals who are fortunate to be able to make $10 million, $25 million a year,” Vilsack said.
Groups like the Iowa Corn Growers call it a win that there is no impact on capital gains.
Vilsack, Secretary of the U.S. Department of Agriculture said it would bring a historic investment in climate change programs and that programs would be locally led, voluntary, and market based.
He said the package will also invest in rural broadband and help keep rural America competitive globally.