{"id":577460,"date":"2021-06-30T13:51:19","date_gmt":"2021-06-30T17:51:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=577460"},"modified":"2021-06-30T13:51:21","modified_gmt":"2021-06-30T17:51:21","slug":"bidens-proposed-death-tax-threatens-american-families","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-proposed-death-tax-threatens-american-families\/","title":{"rendered":"Biden\u2019s proposed death tax threatens American families"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-proposed-death-tax-threatens-american-families%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=577460&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div id=\"attachment_2441685\" class=\"wp-caption aligncenter\">\n<p id=\"caption-attachment-2441685\" class=\"wp-caption-text\">President Joe Biden listens during an event in the South Court Auditorium on the White House complex in Washington, Wednesday, June 30, 2021, with cabinet officials and governors from Western states to discuss drought and wildfires. (AP Photo\/Susan Walsh)<\/p>\n<\/div>\n<h5>OAN Newsroom<br \/>UPDATED 10:38 AM PT \u2013 Wednesday, June 30, 2021<\/h5>\n<p>Republicans in Congress are slamming Joe Biden\u2019s proposed death tax by calling it a terrible deal for Americans. During a roundtable discussion on Tuesday, Republicans on the House Ways and Meanings Committee bashed the provision in Biden\u2019s <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/04\/28\/fact-sheet-the-american-families-plan\/\">American Families Plan<\/a> by calling it a \u201csupercharged death tax.\u201d<\/p>\n<p>Ranking committee member Kevin Brady (R-Texas) said the new tax would throw American farms into disarray as well as kill jobs across the country.<\/p>\n<p>\u201cOn local farms and businesses, will cost 1 million American jobs over the next 12 years,\u201d stated the Texas lawmaker. \u201cThis tax hike will also slash paychecks for workers, while shrinking our economy by $100 billion over the next decade.\u201d<\/p>\n<p>As a component of the American Families Plan, Biden\u2019s proposed tax would force farmers to pay capital gains of 40 percent on land inherited that could have been in their family for several generations in addition to the current 40 percent tax on the remaining estate.<\/p>\n<p>According to congressman Adrian Smith (R-Neb.), the Democrat-led death tax would negatively impact almost every family owned business in America.<\/p>\n<p>\u201cThey proposed doubling the capital gains rate at nearly 40 percent in the name of so-called fairness,\u201d he noted. \u201cRather than prioritizing economic growth or even revenue.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Repealing stepped-up basis would hurt family businesses at the worst possible time. Today <a href=\"https:\/\/twitter.com\/RepKevinBrady?ref_src=twsrc%5Etfw\">@RepKevinBrady<\/a> &amp; I led a <a href=\"https:\/\/twitter.com\/WaysandMeansGOP?ref_src=twsrc%5Etfw\">@WaysandMeansGOP<\/a> meeting to hear farm and ranch concerns. Don Batie, a farmer from <a href=\"https:\/\/twitter.com\/hashtag\/NE03?src=hash&amp;ref_src=twsrc%5Etfw\">#NE03<\/a>, shared his story as a panelist in today&#8217;s meeting. <a href=\"https:\/\/t.co\/aWGtTlGOaa\">https:\/\/t.co\/aWGtTlGOaa<\/a> <a href=\"https:\/\/t.co\/yrKtLgxtO7\">pic.twitter.com\/yrKtLgxtO7<\/a><\/p>\n<p>\u2014 Rep. Adrian Smith (@RepAdrianSmith) <a href=\"https:\/\/twitter.com\/RepAdrianSmith\/status\/1409990095537676291?ref_src=twsrc%5Etfw\">June 29, 2021<\/a><\/p>\n<\/blockquote>\n<p>A cattle rancher from the Texas panhandle, Pat McDowell, testified and told them how Biden\u2019s proposal would hurt him and family business owners like him across the country.<\/p>\n<p>\u201cThe Biden administration\u2019s proposal totally undermines our estate plan,\u201d said the rancher. \u201cThis plan punishes our family just because we want the next generation to be able to make a living in agriculture.\u201d<\/p>\n<p>Brady accused the Biden administration of pulling a bait-and-switch on the American people. He claimed Biden never cared about building roads and bridges, only raising taxes on American families.<\/p>\n<p>According to the <a href=\"https:\/\/taxfoundation.org\/\">Tax Foundation Organization,<\/a>&nbsp;combining the death tax and capital gains tax as well as repealing a tax benefit known as <a href=\"https:\/\/taxfoundation.org\/tax-basics\/step-up-in-basis\/\">Step-up in Basis<\/a>, Americans could be hit with an effective marginal tax rate of 61 percent under the Biden proposal.<\/p>\n<h4>MORE NEWS:&nbsp;<a href=\"https:\/\/www.oann.com\/sen-paul-repeal-of-aumf-document-used-to-start-endless-wars-could-come-soon\/\">Sen. Paul: Repeal Of AUMF Document Used To Start Endless Wars Could Come Soon<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden listens during an event in the South Court Auditorium on the White House complex in Washington, Wednesday, June 30, 2021, with cabinet officials and governors from Western &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-577460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/577460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=577460"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/577460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=577460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=577460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=577460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}