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MO Congressman fears fallout from Biden tax policy

A Missouri Congressman is calling President Biden’s proposed tax policy changes over the top.

Congressman Blaine Luetkemeyer tells Brownfield removing the stepped-up basis would cause large-scale consolidation in farming.

“If you look at the consolidation that’s going on in our country across all the other industries, this is going to continue to happen in agriculture at a faster pace if this goes through,” Luetkemeyer said.

Addressing a crowd at the Missouri State Fair, he said the proposed inheritance tax changes are unfair.

“How can death be a taxable event,” he said. “That’s what they’re talking about. Not only do you have the inheritance tax, [but] this is a second tax, this is a second death tax that you’re looking at.”

Luetkemeyer said legislators need to realize they are impacting the lives of real people when making tax policy decisions.