Political Quotes

“Mr. President, to finance their big spending agenda, President Biden and Members of his party in Congress have called for over $3 trillion in new taxes. This group claims that these tax hikes are targeted solely to the very wealthy. However, deep down, embedded in their tax-hike proposal, is a direct attack on family farms and resulting ruination of rural communities. If Democrats get their way, family farms would be decimated through the enactment of a second death tax that operates on top of the existing estate tax. This second death tax would subject the paper gains of business and investment assets to tax upon transfer to the next generation. At the same time, the current long-term capital gains rate would be nearly doubled. Now, as a result, decades of paper gains in farmland and other property could be subject to capital gains taxes at a rate as high as 43.4 percent. Given inflation as well as the escalating value of farmland over the past several decades, some Iowa farms could easily generate a half-a- million-dollar tax bill or even more based upon land values alone. And those land values have gone up as a result of inflation and nothing else. Moreover, according to an analysis by KPMG, family farms captured both by this new death tax and the existing estate tax could see tax rates exceeding 66 percent. Now, it is pretty simple. That is not taxation; that is confiscation.…”