Biden wants new taxes on inherited assets, promises to shield farms
The White House didn’t provide any more detail of their proposal, but the Agriculture Department released a further explanation Wednesday evening that said the proposal defers any tax liability on family farms as long as the farm remains family-owned and operated. The USDA summary said that assets subject to the $1 million-per-person exemption would continue to receive the step-up in basis when sold.
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Philip Brasher / Agri-Pulse Communications | 12:05 pm, Apr. 29, 2021 ×
President Joe Biden (Agri-Pulse Communications)
President Joe Biden is proposing to impose higher capital gains taxes on inherited assets, with promised protections for farms and other family-owned businesses that continue in operation.
Des Moines Register
Legislation intended to force the nation s richest Americans to pay taxes on inherited fortunes would instead drive hard-working farmers to sell land that families have owned for generations, ag and business groups say.
Five leading U.S. senators, including former Democratic presidential candidates Sens. Cory Booker of New Jersey and Elizabeth Warren of Massachusetts, proposed legislation last month that they say would close a loophole that allows wealthy Americans to sidestep paying taxes on massive inheritances. It could potentially impact farmers, whose valuable land would be taxed when passed on to the next generation.
Sen. Bernie Sanders, a Vermont Independent, said it s absurd that many of the country’s wealthiest people never pay a cent of capital gains taxes on millions or even billions they inherit, while working people pay taxes on every check they receive.”
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