| Submit your comments on this article |
| Home Front: Politix |
| Biden's Proposed Death Tax Threatens American Families |
| 2021-07-01 |
| [OAN] Republicans in Congress are slamming Joe Biden’s proposed death tax by calling it a terrible deal for Americans. During a roundtable discussion on Tuesday, Republicans on the House Ways and Meanings Committee bashed the provision in Biden’s American Families Plan by calling it a "supercharged death tax." Ranking committee member Kevin Brady (R-Texas) said the new tax would throw American farms into disarray as well as kill jobs across the country. "On local farms and businesses, will cost 1 million American jobs over the next 12 years," stated the Texas lawmaker. "This tax hike will also slash paychecks for workers, while shrinking our economy by $100 billion over the next decade." As a component of the American Families Plan, Biden’s proposed tax would force farmers to pay capital gains of 40 percent on land inherited that could have been in their family for several generations in addition to the current 40 percent tax on the remaining estate. According to congressman Adrian Smith (R-Neb.), the Democrat-led death tax would negatively impact almost every family owned business in America. "They proposed doubling the capital gains rate at nearly 40 percent in the name of so-called fairness," he noted. "Rather than prioritizing economic growth or even revenue." Brady accused the Biden administration of pulling a bait-and-switch on the American people. He claimed Biden never cared about building roads and bridges, only raising taxes on American families. According to the Tax Foundation Organization, combining the death tax and capital gains tax as well as repealing a tax benefit known as Step-up in Basis, Americans could be hit with an effective marginal tax rate of 61 percent under the Biden proposal. |
| Posted by:Glinetle Ebbaick4421 |
| #11 Designed to destroy small private businesses and family farms. Exactly! |
| Posted by: Woodrow 2021-07-01 22:05 |
| #10 Your craft meats and cheeses, local honey, fruits and vegetables handled as little as possible, local wine, specialty fares such as bison or rabbit, all that good stuff the heads wish we had more available for healthy living, gone. |
| Posted by: swksvolFF 2021-07-01 17:32 |
| #9 As designed. Forces small family farms to sell to the mega corporations that run most farms nowdays. |
| Posted by: DarthVader 2021-07-01 14:31 |
| #8 Imagine, having to come up with 70% of the worth of 50 years of effort. It is the elimination of generational interest. Boardroom McFarmland and China Mart can be regionally controlled by a few commissars. Another front on the war against independent thought. |
| Posted by: swksvolFF 2021-07-01 14:22 |
| #7 This is what you can expect from socialists who want to eliminate private property. |
| Posted by: Abu Uluque 2021-07-01 12:03 |
| #6 What does Bill Gates think about this worst f**** idea ever. |
| Posted by: bman 2021-07-01 11:41 |
| #5 I think the object is to eliminate small farmers. |
| Posted by: Deacon Blues 2021-07-01 11:23 |
| #4 I've been waiting for prepay death tax. You aren't allowed to die till you've paid your death tax. |
| Posted by: Dale 2021-07-01 11:11 |
| #3 As Designed. |
| Posted by: CrazyFool 2021-07-01 09:45 |
| #2 Ranking committee member Kevin Brady (R-Texas) said the new tax would throw American farms into disarray as well as kill jobs across the country Nothing stops the farmer from deeding it to his children before he dies. Why doesn't he/she trust their offspring? Hey, how many could actually be like Hunter? |
| Posted by: Procopius2k 2021-07-01 09:27 |
| #1 farmers to pay capital gains of 40 percent on land inherited What?! in addition to the current 40 percent tax on the remaining estate. Wh-a-a-at?! |
| Posted by: Dron66046 2021-07-01 02:16 |