Items Tagged with 'American Families Plan'

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.

President Joe Biden tries this week to sell congressional Republicans on his massive spending plans and tax proposals, while his nominee for the No. 2 position at the Agriculture Department moves closer to a final Senate vote.

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.

President Joe Biden today is proposing a $1.8 billion package of spending on child nutrition and other social needs that would be paid for in part by new taxes on inherited assets. The president’s plan promises to protect family-run farms from the new taxes as long as the farms stay in operation.

President Joe Biden wants to impose capital gains taxes on inherited assets, with promised protections for farms and other family-owned businesses that continue in operation. The change would help pay for a $1.8 trillion package of social benefits, including expanded child nutrition assistance, health insurance subsidies and free community college.

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.