Northwest Iowa — Congressman Randy Feenstra says a tax change President Biden has proposed is effectively the death tax with a new coat of paint. The proposal would treat the transfer of inherited property like a sale, so capital gains taxes would be collected.
The Hull Republican, who represents Iowa’s fourth congressional district, says Biden’s proposed million dollar exemption for individuals and two million dollar exemption for couples who inherit property isn’t enough.
Feenstra says with inflation rising, Biden’s proposed budget – and the proposed taxes to finance it – should be scaled back.
Feenstra says if Biden’s budget is adopted, it will devalue the dollar and make consumer goods more expensive.