President Joe Biden has proposed amending the inheritance tax, also known as the “death tax,” but farmers around the country are raising concerns about the plan.
In the American Families Plan introduced earlier this year, Biden proposed repealing the “step-up in basis” in tax law. The stepped-up basis is a tax provision that allows an heir to report the value of an asset at the time of inheriting it, essentially not paying gains taxes on how much the assets increased in value during the lifetime of the deceased. This allows heirs to avoid gains taxes altogether if they sell the inheritance immediately.
Under Biden’s change, heirs would be forced to pay taxes on the appreciation of the assets, potentially over the entire lifetime of the recently deceased relative.
A pair of Wisconsin farmers are part of a new lawsuit challenging President Biden’s race-based program for farm loan forgiveness.
The Wisconsin Institute for Law and Liberty filed the suit on behalf of Calumet County farmer Adam Faust and Crawford County farmer Christopher Baird, as well as clients in Minnesota, South Dakota, and Ohio. The suit claims the farm loan forgiveness program included in the American Rescue Plan discriminates because it is only open to farmers of color.
“President Joe Biden’s signature COVID-19 relief legislation signed in March, provides billions of dollars of debt relief to ‘socially disadvantaged’ farmers and ranchers,” WILL said in a statement about the case. “But the law’s definition of “socially disadvantaged” includes explicit racial classifications: farmers and ranchers must be Black or African American, American Indian or Alaskan native, Hispanic or Latino, or Asian American or Pacific Islander. Other farmers — white farmers, for example — are ineligible.”
CHICAGO/WASHINGTON – President Donald Trump on Friday announced a $19 billion relief program to help U.S. farmers cope with the impact of the coronavirus pandemic, including $16 billion in direct payments to farmers and ranchers and mass purchases of produce, meat and other products.
by Virginia Allen When a recent report on the uncompensated seizure and redistribution of farmland held by white farmers in South Africa drew the concern of President Donald Trump, his South African counterpart told him to “stay out of our issues.” Subsequent reports have raised questions about how extensive the…