Biden Tax-Hike Exemption for Farms Pushed by Rural Democrats
- 13 lawmakers sign letter on estate tax before House proceeds
- Benefit that wipes out capital gain tax bills at issue
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House Democrats representing key rural swing districts laid down a marker on President Joe Biden’s proposed tax increases, urging that any final legislation maintain a promised exemption for farms from a crucial change in estate tax rules.
Thirteen Democratic lawmakers sent a letter Thursday to House Speaker Nancy Pelosi and other party leaders that underscores the sensitivity in agricultural regions to Biden’s push to end a long-standing inheritance tax benefit known as the step-up in cost basis. That currently wipes out the capital gains tax bills on assets when they are passed to an heir. The Biden plan would tax appreciation in the value of assets for estates worth $1 million or more.