A recent study by Iowa State University showed that the administration’s American Families Plan if passed into law, would have a significant negative effect on Iowa’s family farms. In order to pay for new spending in the American Families Plan, the Biden administration has proposed, amongst other tax hikes, taxing accrued capital gains at death. AMAC Action and a number of small business organizations have been pushing back strongly on the proposal. This new Iowa State University study confirms that this issue should be front and center for small businesses and family farms.
Kristine Tidgren, director of Iowa State’s Center for Agricultural Law and Taxation said “because of the proposed increase in rates, we estimate that, on average, a full-time farmer owning 358 acres of farmland would see tax liability from a lifetime sale increase from $475,248 to $860,572, an 81% increase, or from 14.5% to 26% of fair market value.” That’s right, even a modestly sized farm would see a huge negative effect from the Biden tax plan. Co-author Wendog Zhang said “among full-time farmers with any ownership interest in a whole farm of 200 acres or more, we estimate that 62% of owners and 79% of acres would be impacted by the AFP tax at death or gift, even with a $1 million exclusion. That number jumps to 99% of owners and 98.2% of acres when the whole farm size reaches 500 acres or more.” At a time when many family farms are struggling to stay afloat, does a tax increase of this magnitude really sound like a prudent move?
At AMAC Action, we are strongly opposing all of the economically destructive Biden tax hikes. In the American Families Plan and American Jobs plan alone, there are over 15 proposed tax hikes called for in order to fund a wish list of new social spending programs. AMAC Action President Bob Carlstrom said: “This study gives our argument even more force as we push at this important time against tax hikes of all kinds on small businesses. Congressional Democrats are gearing up to put their new $3.5 trillion budget to work by enacting the accompanying spending and tax increases but our team is working twice as hard to help fight back against these destructive tax hikes.”
This study comes on the heels of new opposition from moderate Democrats, to taxing capital gains at death. So far, every Republican Senator, a small group of Democratic Senators, and even a group of rural state House Democrats are on the record with concerns about the new “double death tax” proposal. AMAC Action applauds the work by the Center for Agricultural and Rural Development at Iowa State University which comes at a critical time, as Congress shifts into overdrive this fall debating Biden’s tax proposals. Please continue to stay tuned into AMAC Action for more important updates on Congress. You can read the Iowa State University study here.
Copyright © 2024 AMAC, Inc. / AMAC Senior Resources Network. All rights reserved.
NEVER vote for a Creepy Joementia dressed in a rubber head mask. Get a clue, before you get us all killed.
Bitem has a hatred of the wihite farmer and wants to make them extinct. This should be obvious. It’s white genocide.
Agh! This is not only to break the backs of American citizens, but can’t you see this is a way of forcing us to pay for all of the illegal aliens pouring into our country??!! Rotten S.O.B.’s should be thrown off of a cliff!! I think it’s high time for ALL citizens to REFUSE to pay another dime in taxes! WHAT A WONDERFUL WAY TO ‘DEFUND’ THE GOVERNMENT!!
When will you guys start hanging these uckfers? These commies??
Biden is out to break and destroy America. A continuation of Obama policies.
This is a disgrace to the hard working people in this country. We need God more than ever before. If my people will humble themselves an seek my face, ask for forgiveness, I say the Lord~ I will hear your cry’s, and heal your land. ???? for ????????????????
Whoa are these people writing these bills? That’s who needs to be exposed!
Just another Biden way to ruin more American lives. You can be sure that China is telling him to do all these things. If he doesn’t behave, there would be consequences. What did Joe and Hunter do to China? They both should be hung.
Biden wants to wipe out most farmland owners so China and Bill Gates can buy up the rest.
If we destroy the American Farmer, this country is doomed. America became great after WWII & Great Depression because America can grow enough food to feed this nation. What has impact on these farmers from Trump tariff wars??? Giving farmers govt. money to not grow crops is a bad & dumb idea for Americans.
Who said “there are no new taxes for the middle class?” With the new death tax and raising rates on other so called “rich enterprises”, food shortages are on the way, inflation will go sky high, the dollar will shrink. What in the “hell” is wrong with these people. Oh, I forgot, the power grabbing demorats.
Rocket science solution. The Government (Queen Nancy and king joe) should stop throwing away OUR tax $ and then they wouldn’t have to tax us into oblivion.
Increasing capital gains tax, reduces tax revenue. it slows mergers and acquisitions.
I think we will end up with 25% cap gains tax starting in 2022. Hundreds of billions of dollars worth of business deals are in the works today that will not close next year if cap gains is above 28%.
Biden will use cap gains as a negotiating tool to get higher taxes on earned income of the middle class. When will Washington realize that new businesses create new jobs that create new tax revenue.
I hope all American’s will consider starting a new business!!!
GO MALLENIALS GO. They have started 24 million businesses in the few years. And 40 million more are planning to.
Look at the BIG pitcher please: go and see thefencepost.com/news/30-x-30/
Now think – who ends up with the land?
Not private Americans.
Hey, if we get rid of the farmers then we (the government) can control the food supply and have more control. I think I’ve read this strategy somewhere else.
someone please impeach this joker and get rid of these dumos
Impeachment
It’s discussing that we have a man in our WH who is set on destroying our country as we know it. I’m praying God will soon rid us of the insanity in Washington, DC!
If We would all get together we know what we have to do. Vote vote vote and don’t let them kick you out of your voting booth watch what they’re doing
If ice cream production is affected maybe Nancy Pelosi will vote against the bill.
Sure, tax the farmers. Pretty soon there won’t be any food.
Keep voting for Democratic liberals people. You’ll get what you vote for.
This would give China a “leg up” to buy more of our farmland. I wonder what the Biden sales commission will be?
More of joebama and the useless democrats failure.
More destruction of
Our American way of life, Citizens and their families.
These self serving ,entitled, narcissistic losers ,reward those seeking handouts and penalize hard working people.
The democrats communist actions,taking what we’ve earned to give others, IS against Freedom and they must be removed.
These so called equity programs, are just another name for grabbing money and power.
Same failed policies for 50 years, change the name, lie to Citizens and use these uninformed people over,and over and over again.
Will they EVER learn ???
Sad to think ANYBODY believes ANYTHING the democrats say.
Not just farmers. This is how the Nut Tree in Vacaville, CA and Sam’s Town in Folsum, CA went out of business.
Farmers are essential because we provide food & eating food is necessary to survive.
I don’t think the Democratic Socialists really care about what happens to farmers and small businesses based on the last six months.
The taxes Biden and Democrats want to make law will be the end to many farmers across America, not just in Iowa. 🙁 Can this really be about the money? Dont they understand what kind of domino effect this will have in the future? How it will effect more than just the farmers. I really sometimes dont understand how & why Democrats do the stupid and mean things they do. AND how Americans can be so blind & dumb that they keep voting for them. Im at a loss for words to understand what makes these people want to hurt America so bad. 🙁
It’s hard to believe the Democrats are so damned stupid and not supportive of the American People. But, then again, inventing divisive issues non intelligent issues seems to have gotten them
So, you work all your life to build something for your family; then die , and give it all to the dems? BS !! Will congress do the same? HELL, NO they won’t !
I think Joe is out to destroy the country and this Afghan debacle encourages that feeling. I also think all Democrats are either evil or sliding down the wrong side of the bell curve that the number 100 at top dead center.
This most important thing to remember is:
They are doing to us intentionally.
Since the days of FDR it has always been ( D ) the communist manifesto:
TAX
SPEND
LIE
CONTROL
Biden is on the path of destruction for all working people!!! Farmers have a hard life and should be rewarded not taxed to death, lets see Pelosi, and Bidens tax records!!
This administration cares nothing for this country. They are hell bent on destroying everything they can and Congress won’t stop them. In fact, Congress seems to be on the same page.
Biden has never done anything in his life other than be in government. You can’t call that work. His sons are nothing more than criminals. He doesn’t have the necessary intellect to grasp what it means for a family to lose a farm or a business because of unreasonable taxation. (He never did have the intellect!) Didn’t we fight a revolution over taxes that were much less onerous than we see today.
It’s time for the Republican states to leave the union let the DC ship sink with its crew on board!
One of the side effects, and perhaps the whole purpose for this tax change is to force the family farms out of business, and open up new ground for corporate farms….giving big business a handle on the food market. Look at what happened in South America when Dole, Heinz, and others came in and began to control the products raised…..hundreds of family farms were wiped out, then gobbled up so they could raise crops that were more profitable, easier to market and the like. Take out enough corn producers, and soy bean producers and gobble them up and see what happens to all the products that we use from just these two crops. There is always a hidden plan somewhere to be exploited, and taxes make a perfect means to an end.
I’ll bet it’s all part of Biden/China connection. Tax the farmers so they HAVE to sell….China will pay cash …over asking price!!
No real surprise here. “TAX A LOT AND SPEND EVEN MORE !!” Its their mantra. God help us!????
Sounds a whole lot like a Boston Tea Party Problem …
Oh, silly people- don’t you get it? Your money and land isn’t yours. It belongs to O’biden, and he needs it to fund buying more transgender sex-education books for Kindergarteners. So quit complaining, pay your taxes, wear your masks, get your jabs, and swear allegiance to the Globalists! Or, “pick a hill to die on”, and fight back!
China has coveted U.S. farmland for a long time. This is probably part of their plan.
Not surprising…the left (stupid joe has nothing to say about anything) despises rural, mostly conservative America. The backbone of this country. Heck, they despise this country…period.
Who bails on a country that’s being taken over by terrorist animals, and leaves all of the military equipment and weapons/arms behind as well as a detailed list of Americans and Afghanis that worked for the U.S., while simultaneously leaving a U.S. border virtually wide open ? Then imports a large number of unvetted “migrants” from the country overrun with terrorists, but isn’t overly concerned about getting U.S. citizens out. Seriously? Ain’t nobody that “incompetent”!
That POS needs to go. Get rid of him and Harris. The demonrats are taxing people into poverty. I try not to hate people but it’s really hard not to hate Biden, Pelosi, Schitt, Harris, Newscum, etc. They are all scum of the earth.
The most dangerous people in America, is not the people with guns, not BLM (burn, loot, murder) not ANTIFA (arrogant. nerds, turd, idiots, freaks, a##holes, ) not the KKK , not the NRA, not the Southern boarder invaders, the Two most dangerous groups in America are the Democrats and their RINO, allies when they control power and have the ability to tax, for like a Tornado they destroy everything their path.
Just my opinion, but if we all go down to our local office for the Democrats, local, state or national to express our sincere displeasure with the current direction the party is going, up to and including the burning to the ground of the office, that just may get the point across. But, we gotta do it in all states since nothing else seems to work.
He cares not for the farmers that own the farm unless they’re chinks!
Taxation under the Dems is legislation to destroy. The Preamble to the U.S. Constitution states:
“We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.”
How does this Biden government fulfill any of this? From our border, to leaving allies and U.S. citizens stranded by design in Afghanistan, to ruining our energy sector, making America dependent on foreign oil from terrorist nations again, giving our greatest foreign enemy full access to our country, creating food shortages, driving beef prices and inflation through the roof, hazarding the nation’s health by granting immunity to companies that bring unproven vaccines to the market and fully approving their dangerous products, silencing legitimate questions about our election, and the electoral process in its current state,…
Isn’t government supposed to improve our lives not ruin it? Much like a vaccination that doesn’t provide immunity is useless.
Well guess what? All this information about what is contained in both the bi-partisan infrastructure bill and the ridiculous budget reconciliation bill, that is just designed to enact pure socialist policies in the United States by calling it either “Human Infrastructure” or the “Green New Deal” has been readily available for the public to see or read for months now. Most of the financial networks and newspapers, yes you have to watch or read something other than the mainstream media to be fully informed these days, have already done countless stories about the ramifications of all aspects of what this legislation will do to the United States in graphic detail. Virtually nothing being prosed by these Democrat bills is designed to benefit anyone but the federal government. Detailed interviews with small farm owners, small family businesses that will all have to be sold to pay the tax bill, along with anyone else that stands to be negatively impacted by fallout from these proposed changes have already been showcased.
The fact that the Center for Agricultural and Rural Development at Iowa State University is now undertaking a study of this legislation, that is likely to be passed by a purely Democrat vote of both houses of Congress before year’s end, means the legislation will be signed into law well before the academic study by this group is done. As they used to say “A day late and a dollar short”.