Which is why it is stunning that President Biden is proposing new tax increases on family-owned businesses and agricultural producers to pay for his $3.5 trillion reckless tax-and-spending spree. The U.S. tax code allows family-run businesses to be passed down to the next generation without imposing capital gains taxes on the built-in gains from the prior generation. Family farmers already face the threat of steep estate taxes when they pass down their operations, and the president’s plan would saddle them with an even heavier tax load. It would be profoundly unfair to America’s hardworking farmers and other generationally owned businesses, and it would particularly devastate rural communities and small-town jobs. Half-measure protections will ring hollow to family businesses built on a lifetime of hard work and savings.

Source: Fox News August 08, 2021 12:33 UTC