Items Tagged with 'transfer tax'

Following an outcry from farm groups and rural lawmakers, House Democrats proposed a tax package Monday that omits President Joe Biden’s proposal to tax capital gains at death.

House Democrats look to finish pulling together their $3.5 trillion tax and spending package this week, despite a fierce internal struggle over the taxes they need to pay for it and delays in finalizing $94 billion in agriculture provisions.

The House Agriculture Committee debated $66 billion in new spending for agricultural research, renewable energy and forestry over strenuous objections of Republicans, who used the deliberations to highlight President Joe Biden’s proposal to increase taxes on inherited assets.

After weeks of negotiations, the Senate moved quickly this week to pass a bipartisan infrastructure package Tuesday that was quickly followed by a party line vote early Wednesday morning to advance a $3.5 trillion budget framework.

Senate Democrats released a fiscal 2022 budget resolution that calls for $3.5 trillion in new spending, including as much as $135 billion for agriculture and child nutrition programs, funded largely by a border carbon tariff and tax increases on capital gains and high-earning individuals.

In this opinion piece, former Rep. Collin Peterson, D-Minn., discusses how family farms and ranches will negatively be affected due to the transfer tax that would have to be paid to use stepped-up basis.

Democrats representing heavily agricultural districts are urging House leaders to fully exempt family-owned farms from President Joe Biden’s plan to tax appreciated assets at death.

Farm groups are bracing for President Joe Biden to propose higher taxes on inherited assets and capital gains this week, while the Supreme Court takes up the authority of EPA to exempt refiners from biofuel usage requirements.

Farm groups are bracing for a possible effort in Congress to impose new taxes on inherited land and other assets as a way of addressing wealth inequality while raising revenue Democrats will need to fund new infrastructure or social spending.