Missouri Farm Bureau President Garrett Hawkins has sent a letter to President Biden expressing his opposition to the President’s proposed tax changes.

Biden’s tax proposal under the American Families Plan would nearly double capital gains taxes to almost 40 percent, eliminate the stepped-up basis causing inherited assets, like land, to be taxed upon the previous owner’s death and lower the estate tax threshold from $11.7 million to $500,000.  

While the Biden tax plan attempts to target the ‘top one percent’, Hawkins said the proposal would heavily tax farm families and force them to replan how they pass down their farms.

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