(NAFB) – The National Cattlemen’s Beef Association says President Biden’s proposed new capital gains tax at death would be devastating for cattle producers.

NCBA’s Danielle Beck says the taxes proposed to pay for massive infrastructure and social spending “threaten the viability” of family farming and cattle operations—especially a new tax on capital gains at death that ends the ‘stepped-up basis.’

NCBA’s Senior Executive Director for Government Affairs, Beck, says the new tax’s reach, with asset values more than tripling in the last 30-years, would be sweeping.

USDA claims most farms would be exempt if they stay in the family. But Beck says more than one-third of the 900-million U.S. acres in production could change hands in the next two-decades–many sold for other uses.  More taxes may only hasten that process.