Advocacy / Advocating for You / Taxes

Breaking: Biden Capital Gains Taxes To Wipe Out Iowa Farmers

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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.  

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Howard T. Lewis III
1 month ago

NEVER vote for a Creepy Joementia dressed in a rubber head mask. Get a clue, before you get us all killed.

Leethal
1 month ago

Bitem has a hatred of the wihite farmer and wants to make them extinct. This should be obvious. It’s white genocide.

Rhonda
1 month ago

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!!

Leethal
1 month ago

When will you guys start hanging these uckfers? These commies??

Mel R Barkley Jr
1 month ago

Biden is out to break and destroy America. A continuation of Obama policies.

Sue
1 month ago

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 ????????????????

Brad Smith
1 month ago

Whoa are these people writing these bills? That’s who needs to be exposed!

Karen
1 month ago

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.

Howard T. Lewis III
1 month ago
Reply to  Karen

Joe Briben takes orders from the British Empire, which still runs China through the Khazarian mafia of The City of London communist bankers. It’s a long story, but look at who Mao tse T’ung surrounds himself with in photos 1935-1947 and after. Changing China into a massive slave labor pool was not Mao’s idea. Chima did update a lot, but still is hooked up to a plow.

Mandy
1 month ago

Biden wants to wipe out most farmland owners so China and Bill Gates can buy up the rest.

Last edited 1 month ago by Mandy
johnh
1 month ago

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.

Mandy
1 month ago
Reply to  johnh

You are aware that China and Bill Gates (the vaccine King who says he makes a 20 to 1 return on his vaccines) are the ones buying up farmland in the US?

Mandy
1 month ago
Reply to  johnh

Read and learn. Get over you TDS. More can be found at: .thefencepost.com/news/30-x-30/

But again, the Biden administration is moving fast on this agenda. The first action taken was to remove the consent of states and local governments for land acquisitions. On Feb. 11, Scott de la Vega, Biden’s Acting Secretary of the Interior revoked an order from Trump-Interior Secretary David Bernhardt concerning the Land and Water Conservation Fund, which gave local government a seat at the table specifically by giving governors and local officials veto power over pending acquisition deals.
On a weekly — and almost daily — basis there are new updates and actions being taken. House Democrats are expected to circulate a letter promoting votes on 30 x 30 related regulations and bills that would grant the authorization for the federal government to start snatching land.
“Right now they’re doing it by fiat because they lack the authority,” Byfield said. “They’ve got their people in place. They have a president that’s going to let them push this as far as they want, so this is really their moment.”

Diane
3 days ago
Reply to  johnh

The US has been feeding the world since planes could fly and drop cargo loads of grain in third world. But once the ww2 generation died the new nimrods began world domination. God has a policy for nimrod types…they never replace HIM.

Ruth A Lance
1 month ago

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.

flitec
1 month ago

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.

Dave
1 month ago

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.

Gerald Schalk
1 month ago

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.

Ruth A Lance
1 month ago
Reply to  Gerald Schalk

2022?

Mandy
1 month ago
Reply to  Gerald Schalk

Thanks for the link to a great article. I posted a segment from it to someone still blaming Trump for everything they don’t like in the world.

Rich
1 month ago

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.

Ruth A Lance
1 month ago
Reply to  Rich

You did

johnh
1 month ago
Reply to  Rich

Hopefully, no one is thinking of going down that road. But you have brought up a very good reason why all of us need to know history lessons.

teresa
1 month ago

someone please impeach this joker and get rid of these dumos

steve
1 month ago

Impeachment

Barb
1 month ago

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!

Barb
1 month ago
Reply to  Barb

Sorry, that should read disgusting!

teresa
1 month ago
Reply to  Barb

that’s ok we knew what you meant – also when you are upset, and rightfully so we tend to misspell words. We good Americans, are all discussing how disgusting Biden is. Have a good one!

Rich
1 month ago
Reply to  Barb

Barb, I think we all knew what you meant and agree.

Kim White
1 month ago
Reply to  Barb

We had a real man in the WH, may God bring him back.

johnh
1 month ago
Reply to  Kim White

Reagan & JFK cannot come back, so let us hope that GOD comes up with someone with the same ideals for America.

Ruth A Lance
1 month ago
Reply to  Barb

Impeachment/amendment 25 of the constitution should be helpful. Get rid of Pelosi, Harris, Schumer etc. Replace these people with reasonable patriots.

R. corcoran
1 month ago

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

Freedom Loving Jeannie
1 month ago
Reply to  R. corcoran

Too bad that they’ve got the voting rigged in their favor. They sure know their way around the chess board.

Larry Walck
1 month ago

If ice cream production is affected maybe Nancy Pelosi will vote against the bill.

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