Emmer raises concerns about Biden tax proposals
Another member of Congress is raising concerns about how proposed tax changes could impact family farms.
Republican Tom Emmer, who represents Minnesota’s Sixth Congressional District, says President Biden’s plans to eliminate stepped-up basis, raise the capital gains tax, and change estate tax laws might come to fruition in a reconciliation bill that he believes could come to the House Floor sometime before the end of the year.
“We all have to be weighing in now because as we get to the end of the year, these people that are going to be voting on this stuff have to understand the future of the generational farm (and) the future of our agricultural way of life literally hangs in the balance if you start to eliminate things like stepped-up basis.”
He tells Brownfield the Biden administration has talked about so-called “carve outs” that would protect family farms and small businesses.
“What does that mean? And if you’re out there in the community right now, you don’t know if you’d be one of those who would be carved out.”
He says Biden’s tax proposals are “not good policy” because if it was good policy, there would be no need for carve outs.
Brownfield interviewed Congressman Emmer at Minnesota Farmfest earlier this month.