Page 13 - MWC 10-21-2021s

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
this.”
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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