Democrats’ proposal for a second supercharged death tax will devastate America’s family-owned farms and Main Street businesses and destroy millions of jobs, according to a Washington Times report.
- “Pat McDowell, who owns a ranch with his two brothers in central Texas, said the death tax would spell the end of the McDowell Ranch. The brothers want to pass the ranch to their niece to keep it in the family as it has been for five generations. If the new tax is approved, she would have to sell off part of the ranch just to pay the death tax, he said. Then there might not be enough ranch left to thrive. ‘This plan punishes our family, just because we want the next generation to be able to make a living in agriculture,’ Mr. McDowelll said.”
- “President Biden’s proposal for a new death tax to help pay for his $3.5 trillion social welfare expansion is hitting resistance from members of Congress, including a top farm state Democrat who warns that the tax will hurt family farms… ‘I am very concerned that proposals to pay for these investments could partially come on the backs of our food, fiber and fuel producers,’ Mr. Scott wrote to Mr. Biden in June.”
- “‘Families in agriculture and other small businesses feel this tax hike is about punishing them and know that Democrats are unlikely to provide any exemption,’ said Rep. Kevin Brady.”
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Democrats’ Supercharged Second Death Tax Will Cost Jobs and Devastate Family Farms.
- According to an economic analysis by EY and the Family Business Estate Tax Coalition, Democrats’ death tax will destroy over a million jobs, slash paychecks for workers, and shrink our economy by $100 billion over the next decade. We wrote about that here.
Democrats’ Tax Hikes Fall on the Middle Class and Main Street Businesses.
- Democrats have also called for raising taxes on the middle class and Main Street by eliminating the small business tax deduction. At least 21 million small businesses and their employees benefitted by the more than $66 billion in savings this deduction created – but Democrats want to take those earnings to advance their radical agenda.
- According to the Joint Committee on Taxation, two-thirds of the Democrats’ corporate tax hike would fall on lower and middle income taxpayers—which includes the small businesses that file taxes as individuals.
Even Liberals Claim President Biden is Violating His Pledge by Increasing Taxes On the Middle Class.
- The liberal Tax Policy Center says that President Biden’s tax plan will raise taxes on 75 percent of middle-class families next year, and 95 percent over the long term.
- Even Middle Class families earning less than $50,000 are expecting a tax hike, according to the Survey of Consumer Expectations. Meanwhile, Democrats’ are still pushing to restore the special SALT tax shelter for the wealthy.
- In what The Wall Street Journal labeled as the “The Dumbest Tax Increase”, President Biden’s plan to double the capital gains tax rate is attacking the investment infrastructure here in America, decreasing incentives to invest in communities and in the economy. Most ridiculous? It would reduce revenue.