Statewide Iowa — Congresswoman Cindy Axne, a Democrat from West Des Moines, says she’d like to see a proposed tax change get rolled back, so it only applies to the country’s richest families.
President Biden has proposed treating the transfer of inherited property as if it were a sale, so capital gains taxes would be collected. Individuals would be able to inherit a million dollars worth of property and couples up to two million dollars worth of land or buildings, but Axne says that’s not a big enough exemption for family farms.
Axne says small business owners also could be prevented from passing their business onto the next generation.
Axne says it’s not just an issue in rural America. She cites as an example a couple who bought a property in the Bronx and have run a bodega for decades, as they would be unlikely to be able to pass the small convenience store onto their children or grandchildren.
Axne made her comments after a meeting in Adel with representatives of more than a dozen farm and ag-related organizations.
