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America's little family members ranches can be destroyed if Congress passes Biden's suggested tax modification plan, said Grover Norquist, president and creator of Americans for Tax Reform. Concealed in Biden's American Family members Plan is the elimination of a step-up in basis tax advantage on appreciated possessions like farms.
" There's the typical inheritance tax that the Democrats want to push higher as well as intending to end the boost in basis, which was placed in a hundred years ago to safeguard household farms from being crushed every generation," Norquist stated. "The Democrats really took that security away in 1976, yet placed it back in 1980 since it was impracticable. Biden saw getting rid of the step-up in basis fall short, and also he chose to remove it again. It's a very negative choice."
Norquist talked to Michelle Makori, editor-in-Chief of Kitco News, at FreedomFest 2021 in Rapid City, South Dakota.
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Biden's proposed inheritance tax changes would destroy small American farmers: Norquist
America’s small family farms could be destroyed if Congress passes Biden’s proposed tax change plan, said Grover Norquist, president and founder of Americans for Tax Reform. Tucked away in Biden’s American Families Plan is the elimination of a step-up in basis tax benefit on appreciated assets like farms.
“There’s the normal inheritance tax that the Democrats want to push higher as well as wanting to end the step-up in basis, which was put in a hundred years ago to protect family farms from being crushed every generation,” Norquist said. “The Democrats actually took that protection away in 1976, but put it back in 1980 because it was unworkable. Biden saw eliminating the step-up in basis fail, and he decided to get rid of it again. It’s a very bad decision.”
Norquist spoke to Michelle Makori, editor-in-Chief of Kitco News, at FreedomFest 2021 in Rapid City, South Dakota.
__________________________________________________________________
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