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How you could be impacted by tax changes in the American Families Plan
To pay for all of these, the president is also planning to impose higher taxes on corporations, high-income earners and capital gains taxes on inherited assets. However, he’s promised protections for farms and other family-owned businesses that continue in operation. 5:30 am, May 9, 2021 ×
The U.S. Capitol Building, on Saturday, Jan. 16, 2021, in Washington, D.C.
(Kent Nishimura/Los Angeles Times/TNS)
President Joe Biden recently unveiled the American Families Plan, which won both cheers and jeers across farm country. The biggest concern for farmers and ranchers comes from the proposed “pay fors” which includes tax changes.
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.
Second stimulus check update: Murphy says ‘it’s awful’ that state and local aid was left out of legislation
Updated Dec 16, 2020;
Posted Dec 16, 2020
Gov. Phil Murphy closes his fiscal year 2021 budget address at Rutgers University s SHI Stadium on Aug. 25, 2020. Applauding him are Assembly Speaker Craig Coughlin, left, and state Senate President Stephen Sweeney, right.Michael Mancuso | NJ Advance Media for NJ.com
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“It’s awful,” Murphy told NJ Advance Media after a briefing on the snowstorm preparing to pummel the state. “States have been out there at the front lines fighting for this thing since Day 1. The rug’s getting pulled out.”