Thune: Democrats’ New Death Tax Would Crush Family Farms, Businesses

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Thune: Democrats’ New Death Tax Would Crush Family Farms, Businesses

“Americans’ bank accounts should not be regarded as a bottomless barrel of money to pay for Democrats’ preferred government programs.”

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WASHINGTON — U.S. Sen. John Thune (R-S.D.) today discussed the Democrats’ reckless tax-and-spending spree and the cost that would ultimately fall on the backs of hardworking middle-income families. Thune noted that the Democrats’ new death tax would force Americans to pay more money in taxes on assets passed on from generation to generation. Last week, Thune led the entire Senate Republican caucus inurging President Biden to abandon his effort to impose a capital gains tax increase on family-owned businesses, farms, and ranches.

13 thoughts on “Thune: Democrats’ New Death Tax Would Crush Family Farms, Businesses”

  1. Senator Thune is absolutely correct that Biden’s tax plans will make it very difficult for generational family farms to exist. The loss of stepped up basis without an inflationary adjustment will result in sales of land to pay taxes and further place land in corporate hands. Many farm estates are asset rich and cash poor because it takes most farmers a lifetime of work to get their land loans paid . Is wealth redistribution through taxation the future American way? Time for conservative Democrats to be heard.

    1. The federal estate tax applies when the person who has died has a net worth of $11.7 million or more (or twice that for married couples), —

  2. Just a simple question. How much should a person who inherits 20 million dollars pay in taxes? Or 20 billion? Go ahead. Tell us.

    You should be able to answer that before you take my money.

    You tax me for my labor but not the billionaire who gets it handed to them? Generation after generation? You want to eliminate estate taxes completely for them? And keep the step up basis?

    That is nuts.

      1. Jealous? That’s the best you can do?

        Let’s say you have neighbors that are building a huge mansion in addition to their other homes. They have a fleet of cars and a private jet. They inherited 100 million dollars tax free from their dad who inherited it from his parents. But they paid no taxes on that windfall over multiple generations.

        Meanwhile… you pay Pay Uncle Sam every two weeks out of your $1500 paycheck.

        No, you shouldn’t be feeling jealous. You should be outraged that a political party could think that this situation is equitable.

  3. So the dems think a death tax is fair because the inheritors did nothing to earn the inheritance? Well, the government did nothing to earn the inheritance either!

        1. Oh, you do believe in government spending, Springer? You just don’t think the super-rich should contribute like the rest of us. Generation after generation after generation.

    2. Something’s got to be taxed. Given the choice between taxing income like salaries and wages that people worked for and earned or taxing income like inheritances, capital gains, and lottery wins that people didn’t work for and earn, I think taxing the unearned income’s better.

  4. “Only the little people pay taxes.”

    Is that…

    (a) The Republican Party Platform.
    (b) A Leona Helmsley Quote.
    (c) Both (a) and (b) are Correct.

    1. Waaa…..waaaa…..waaaaaa!

      Is that……
      (a) elk
      (b) obviously elk
      (c) who else would it be but elk

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