Sen. John Thune: Biden, Dems' reckless tax-and-spending spree would decimate family farms and businesses
Fox News
Biden and Democrats’ new proposed “double death tax” – could threaten our economic recovery and potentially jeopardize the future of agriculture in America.
Which is why it is stunning that President Biden is proposing new tax increases on family-owned businesses and agricultural producers to pay for his $3.5 trillion reckless tax-and-spending spree. The U.S. tax code allows family-run businesses to be passed down to the next generation without imposing capital gains taxes on the built-in gains from the prior generation. After all, many of these "gains" are unrealized – the price of the land may have risen since being owned by previous generations, but farmers aren’t seeing a penny of actual gain. It’s called "step-up in basis," and it prevents families from paying a fortune when a loved one dies.More Related News