Posted on 06/03/2021 3:07:05 AM PDT by 11th_VA
House Agriculture Chairman David Scott objected Wednesday to President Joe Biden’s proposal to change the capital gains taxation on inherited property, signaling growing opposition among farm-state Democrats to a change Biden hoped would help to fund sweeping domestic spending proposals.
Scott, D-Ga., in a statement called the proposal to tax capital gains at the time of a person's death “untenable” and said exemptions that would allow farmers and ranchers to delay tax payments on intergenerational land transfers are inadequate.
“Any increase in inheritance tax for those taking over farm land is untenable and will further strain a farm economy that is just now beginning to recover from the strain of the pandemic,” Scott said.
In a letter to Biden Wednesday, Scott said he supported the president’s goals, but said the tax proposal could impose significant tax increases on farmers, ranchers and small businesses in rural America.
“The potential for capital gains to be imposed on heirs at death of the landowner would impose a significant financial burden on these operations,” Scott wrote...
(Excerpt) Read more at rollcall.com ...
Popcorn hell. There might be some discussion about policy within the Uniparty Team D but when the call is made ALL Uniparty D members will go with it. We are going to get new taxes, you, me, farmers, everyone.
In a letter to Biden Wednesday, Scott said he supported the president’s goals, but said the tax proposal could impose significant tax increases on farmers, ranchers and small businesses in rural America.
“The potential for capital gains to be imposed on heirs at death of the landowner would impose a significant financial burden on these operations,” Scott wrote…..
He supports the pResident’s goals, but they had better figure out a way for DEMOCRATS to avoid the taxes. I am convinced that the Left will inevitably admit that their punitive ‘laws’ should really only hurt Republicans…..if they could figure out a way to do that, then the Bills would always pass easily.
Well, there you go.
They’re going to exempt farmers and make them good little dems.
After all, farmers aren’t rich.
Another windfall for Warren Buffett.
Biden wants the FEDS to control 30% +++ of all the water & land mass of the USA.
How better to do so than to tax the heirs out of their holdings???
What is worse-—the farmland gets appraised at it’s highest value-—usually high density housing.
The true test of a principle is if you continue to espouse it when it doesn’t directly benefit you. Dhimmicrats never lose sleep over it since they have no principles to begin with.
repeal the estate tax and eliminate the markup of assets to FMV
if you continue to hold the asset there is no tax effect
taxes are only due when you sell
My wife’s family farm was purchased during the Depression for about $1 per acre and recently sold for over $1.5 million. Under Biden’s plan virtually the entire sale price would go to taxes.
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