Page 13 - MWC 10-21-2021s
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SECY. VILSACK                                                                             The Midwest Cattleman · October 21, 2021 · P13
      continued from page 3              share and in doing so, allow  At the end of the day, that’s  think a family farm or farm-
                                         families across the United  what this is all about.”                 er who owns and operates a
      creating a lack of support in  States to have access to a               Secretary Vilsack says the  farm, and his kids want to
      the stepped-up basis concept.  child credit? It makes it easi- “us vs. them” political divi- own and operate the farm, I
         “In    their    calculations, er for working families, mid- sion has hindered politicians  don't think they should pay
      they’ve forgotten about the  dle class families, including  from completing items of  the tax,” says Vilsack. “That's
      exemption levels  of $1 mil- farm families, to be able to  business, which has also fu- the reason we pressed hard
      lion per person, $2 million  support their children,” says  eled American’s lack of trust  when this was  put forward
      per  couple,  and  if  there’s  a  Vilsack. “Is it better to have  in  politicians.  Enabling  this  to make sure there was an
      homestead, $2.5 million per  the opportunity to have more  stepped-up basis will help  exemption, and there is for
      couple,” says Vilsack. “When  affordable college for mil- dissolve this distrust, accord- 98.9% of farms.”
      you apply that, combined  lions of kids? Or is it better  ing to Vilsack.                               Drovers
      with the exemption for owner  for Tom Vilsack and his kids              “I think at the end of the
      and operator, you get 98%  to have a huge tax break?  day I should pay tax. I don't
      of farmers—almost 99% of
      farmers—are not covered by
         The 1.1% impacted by
      stepped-up basis, according                             54th Annual Missouri Cattle Industry
      to  Vilsack, are those who
      own land and don’t have any                                     Convention and Trade Show
      heirs who are interested in
      farming the land. It’s those
      who have the land as an in-
      vestment that appreciates
      over time.
         Vilsack used his own fi-
      nancial situation as an ex-
      ample.                                         MISSOURI CATTLE
         “When I die, is it fair for                                                                        JANUARY 7-9, 2022
      my own kids to get a huge                   INDUSTRY CONVENTION                                       COLUMBIA, MISSOURI
      tax break, or is it better for
      my kids to pay their fair


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