McKinney expects no change to stepped-up basis

McKinney expects no change to stepped-up basis

McKinney expects no change to stepped-up basis

The former USDA Undersecretary of Trade and Foreign Agricultural Affairs expects Washington will not make devastating tax law changes that would hurt farmers and ranchers. Ted McKinney says, “If stepped-up basis was going to be included in that attempt to find money to pay the bills, it would have been in the first round, which is Build Back Better.”

McKinney says there was a lot of resistance to changing the tax code to help pay for President Biden’s Build Back Better legislation but, “You never say never in Washington, but I think stepped-up basis, which is sacred, I think that’s probably a good word, maybe it and insurance are sacred.