MCA Cautiously Optimistic on Death Tax Exclusions, Stepped-Up Basis

| October 28, 2021

COLUMBIA, MISSOURI (October 28, 2021) - Today, the White House released details of a proposed reconciliation framework to enact President Joe Biden’s “Build Back Better” agenda. The $1.75 trillion spending package reflects the latest negotiations amongst progressives and moderates in the democratic party and is a significant reduction in overall spending when compared with the $3.5 trillion reconciliation bill that’s currently stalled in the U.S. House of Representatives. 

Missouri Cattlemen’s Association Executive Vice President Mike Deering said stepped-up basis; like-kind exchanges; estate tax exclusions limits; valuation discounts; the 199A Small Business Deduction; and grantor trusts are fully preserved in this proposal. 

“This is a significant step in the right direction, as every key tax change MCA and the National Cattlemen’s Beef Association advocated against appears to be excluded from the proposed framework,” said Deering. 

He was quick to point out that a lot can change as these negotiations continue and urged members to continue making calls to their respective representatives in Washington, D.C. 

“It is important to note that, at this point in time, it also remains unclear how Congress will respond to the blueprint. Change is likely, and we have to continue making calls and watching this closely,” said Deering. “We are cautiously optimistic, and MCA and NCBA will remain laser-focused on this topic as reconciliation efforts evolve.”