The Biden Administration Has Changed Tom Vilsack
Yesterday, U.S. Secretary of Agriculture and former Iowa Governor Tom Vilsack penned an op-ed in the Wall Street Journal peddling one of the Biden Administration's most dangerous policy proposals - eliminating the step-up in basis.
Let's be clear, the stepped-up basis protects Iowa's family farms, small businesses and manufacturers, and it's elimination is a direct attack on them and will sink our economy. Without it, we will see unprecedented amounts of farmland sold - bringing farmers into a new era of hardship not seen since the Great Depression. Additionally, studies show it would slow the gross domestic product and significantly decrease job creation.
It's shameful that Secretary Vilsack is willing to sell out Iowans to do Joe Biden's dirty work.
According to the Farm Bureau Association, "Currently, when someone inherits assets, they aren’t taxed on the appreciation that happened before they inherited them. If family-owned farms, small businesses or manufacturers are forced to pay capital gains accrued by the prior owner, they would likely face large tax bills that put the future of their business at risk."
"It's disappointing to see how quickly Tom Vilsack has abandoned his home state and turned into a swampy bureaucrat that is willing to put his political allegiances ahead of Iowans," said Republican Party of Iowa Communications Director Kollin Crompton. "The Democrat Party is taking a wrecking ball to what makes America great - family farms, small businesses and the communities that support them."