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There’s an old trick in Washington. If you’re going to propose a controversial new spending program, give it a name everyone can get behind. That’s why it’s no surprise President Joe Biden called his “human infrastructure” proposal the American Families Plan. Despite the proposal’s feel-good name, not all families benefit from what the president put forward. In fact, family farms come out on the losing end.
To pay for his plan, Biden has proposed a number of changes to the tax code dubbed the Made in America Tax Plan, including raising capital gains tax rates, eliminating stepped-up basis, and limiting the use of like-kind exchanges.