Following public opposition from farm groups, including NPC and state potato organizations, House Democrats released a package of tax hikes to fund their $3.5 trillion spending plan that eliminated President Biden’s proposed increase on inherited property at death.
“The President’s proposed hikes would have forced family farms and ranches to disproportionately shoulder the burden of increased government spending,” said NPC President Dominic Lajoie, a grower from Maine. “NPC has argued that imposing a second death tax would have far-reaching negative impacts on family-owned businesses, their employees, and all those depending on them to deliver food to their dinner tables. This was why the NPC Board formally adopted a resolution at the 2021 Summer Meeting opposing the elimination or undercutting of these important tax provisions. With farms reeling from the pandemic’s continued impact on their businesses, now is not the time to impose additional burdens on America’s food producers.”
Earlier this year, NPC joined a group of nearly 330 ag groups on a letter urging the leaders of the House Ways and Means and Senate Finance committees to preserve existing tax rules for inherited assets. That letter can be found here.