Biden’s New ‘Death Tax’ Threatens Family Farms, Small Businesses
24th August 2021
President Biden’s proposal for a new death tax to help pay for his $3.5 trillion social welfare expansion is hitting resistance from members of Congress, including a top farm state Democrat, who warns that the tax will hurt family farms.
The proposal would change the way capital gains are calculated on inherited assets worth more than $1 million, taking a bigger bite out of inherited stocks, real estate, businesses and farms.
Of all the proposed tax increases to help pay for Mr. Biden’s bigger welfare state, this one would have the greatest impact and rake in an estimated $800 billion in revenue.
Leave no pocket un-picked.