America’s small family farms could be destroyed if Congress passes Biden’s proposed tax change plan, said Grover Norquist, president and founder of Americans for Tax Reform. Tucked away in Biden’s American Families Plan is the elimination of a step-up in basis tax benefit on appreciated assets like farms.
“There’s the normal inheritance tax that the Democrats want to push higher as well as wanting to end the step-up in basis, which was put in a hundred years ago to protect family farms from being crushed every generation,” Norquist said. “The Democrats actually took that protection away in 1976, but put it back in 1980 because it was unworkable. Biden saw eliminating the step-up in basis fail, and he decided to get rid of it again. It’s a very bad decision.”
Norquist spoke to Michelle Makori, editor-in-Chief of Kitco News, at FreedomFest 2021 in Rapid City, South Dakota.