Former Democrat Rep. Says Joe Biden’s ‘Human Infrastructure’ Package Would Leave Farmers Behind

According to an op-ed by former Democrat Chairman of the House Agriculture Committee Collin Peterson, Joe Biden’s “American Families Plan” would be a devastating blow to America’s agriculture workers.

Biden’s trillion-dollar proposal would incur what Peterson calls “a transfer tax that would have to be paid in order to use stepped-up basis in the event of a sale or a death.” This would particularly hurt the farming industry where assets like land are passed down for generations.

Des Moines Register: “I would argue this transfer tax, which could be as high as 43.4%, is the worst idea that has been proposed in terms of its impact on agriculture in my lifetime. 

“This proposal is a direct assault on agriculture because it will prohibit the transfer of a family farm from one generation to the next, which is the last thing we should want to do.

“If this proposal becomes law, you could have a situation where upon the death of a farmer, his family will owe more than the equity that they have in the farm operation. Just the specter of that occurring would make it difficult for bankers to loan money, because there is no way to know what’s happening with the value of the operation and its assets.”

Bottom line: The Biden-Harris administration’s reckless spending proposals would devastate the agriculture industry and increase the tax burden of hard-working Americans.