LaHood Highlights Harmful Biden Tax Hike Proposal for Family-Owned Farms and Businesses at Ways and Means GOP Hearing

Press Release

Congressman Darin LaHood (IL-18) joined Ways and Means Republican Leader Kevin Brady (TX-8) and his Republican colleagues on the committee to host a roundtable discussion examining the Biden Administration's proposal to create a second death tax -- by repealing so-called "stepped-up basis" -- that will harm America's family farms, ranches, and Main Street businesses.

Rep. LaHood said:

"Repealing the stepped-up basis hinders the ability to transfer agricultural land to family-owned operations and creates massive administrative burdens. These policies would force families, that may have just lost a loved one, to re-value the appreciation of assets such as farmland and manufacturing equipment to determine their tax liability. If that wasn't enough, this proposal would also double the capital gains tax rate - an additional tax liability at the time of death.

"I encourage my colleagues to come to central and west-central Illinois to hear directly from my corn and soybean farmers. I think their stories will highlight what hardworking and dedicated Americans we have in our country's heartland and how these tax proposals will result in significant burden and harm for family farming operations across the country."

KEY TAKEAWAYS:

Democrats' supercharged second death tax on local farms and businesses will cost one million jobs over the next 12 years.

According to an economic analysis by the Family Business Estate Tax Coalition, Democrats' death tax will destroy over a million jobs, slash paychecks for workers by $32 for every $100 in revenue raised, and shrink our economy by $100 billion over the next decade.

Even liberals claim President Biden is violating his pledge by increasing taxes on the middle class.

According to an analysis by the liberal Tax Policy Center, President Biden's tax plan will raise taxes on 75 percent of middle-class families next year.

Biden's economic policies are cooling off the U.S. jobs recovery.

In the first five months of this presidency, the Biden Administration added 500,000 fewer jobs than President Trump's last five months, despite the advantages of a reopening economy. And due to inflation, real wages have declined since President Biden took office.

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