|Rep. David Scott, D-Ga.|
Abbott notes, "Very few farm families are obliged to pay estate taxes. There is an $11 million per person exclusion from estate taxes at present; it drops to $5 million per person in 2026 but will be indexed for inflation. The White House says the stepped-up basis now in force for calculating capital-gains taxes 'allows the wealthiest Americans to entirely escape tax on their wealth by passing it down to heirs,' exacerbating inequality in America." But Scott called it "a critical tool enabling family farming operations to continue from generation to generation."