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Ag braces for possible tax changes in Biden spending plan

The Biden administration is expected to unveil a spending plan this week that will likely include some changes in tax policy.

One possibility is the elimination of stepped-up basis, which allows land and other investments to pass from one generation to the next without capital gains taxation at the time of death.

Jim Hagedorn, a Republican Congressman from Minnesota, tells Brownfield that would be devastating to farm families.

“To basically reimpose a death tax, that’s going to crush agriculture and our family farmers, and make it very difficult to transfer over land generation-to-generation. So I oppose that strongly (and) we’re going to fight that.”

He says re-imposing the death tax would force people to sell their businesses and farms just to pay the taxes.

“And not be able to keep it in the family or do with it what they’d like, and that’s just wrong.”

President Biden is scheduled to release details of his American Families Plan to a joint session of Congress Wednesday.

  • This tax allows foreign entities to buy America. China owns hundreds of thousands of acres of farmland in America. That is part of Biden’s plan. NAFTA was the start…… Soros wants a European Union as the example for America which is Canada, USA, and Mexico. America will no longer just be USA. GLAD I AM OLD and will not see Marxist USA

  • Maybe it should scaled. Maybe the 1st 500 acres should be transferred tax free. Then some sort of scaled tax on larger acreages.

    As it currently stands, it is very difficult for a young person to start farming because the land is being consolidated in the hands of the few.

    • “Scaled?” Why? The farmers and other business owners paid taxes on their earnings from the property all of their lives. Why should the government get another cut at it when they die? Why not let it all go to the next generation so the new generation can continue to pay taxes on earnings?

      Think about the way the tax brackets are structured. If a bigger farm has larger earnings, more earnings will be in the higher tax brackets, so it would be in the government’s interest to let families inherit as much land as possible. That is, unless they’d rather see everything scarfed up by multi-national mega-corporations taking advantage of tax-forced property sales.

      But this is the wrong angle; the people should be looking to cut government spending so we don’t need so much tax revenue. The current practice of blowing around trillions of dollars like dead leaves in the fall has got to stop.

  • Its all in the name of socialism so only a select few can buy your land out from under you and possibly sell it to Chinese communist who will drive prices ski high! We need to stop the biden administration from implementing any of there socialist plans including covid relief packages loaded with self serving help to democratic run states who gave sat back and watched it being destroyed by mobs and we need to become a sanctuary state from any gun control measures by this administration! Time to stop all attachments to any bills which are a need to pass bill, if a bill can’t stand on its own, then it shouldn’t be passed by adding it to other bills period. This was talked about over 20 years ago but never took hold it should now and so should term limits on every office where people are elected in all federal and state governments.

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