The inheritance tax proposal was misguided
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I read with interest the October 7 column from Don Flannery to Representative Jared Golden regarding a misguided plan by the Biden administration that would create a new tax on inherited assets, such as a family farm, by removing a tax provision called a “base step-up.” and by taxing inherited unrealized capital gains.
Flannery is right to draw attention to this problem. I grew up on a farm and made the difficult decision not to go back. Generational transfers for farm families are already a difficult and time-consuming accounting maze. We know that fewer and fewer young people are choosing agriculture for their livelihood. Those who are not part of a family farm generally find that buying a farm is prohibitive. Changing the tax structure now will only make it worse.
I am grateful that Congress has already fired this plan up front. If this happens again, I have no doubts that Golden will fight to protect our family farms and the next generation that will lead them, as he has done throughout his tenure representing us in State House and in Congress. Given his experience meeting hundreds of Maine farmers throughout the 2nd Congressional District and growing up in a farming community – where most of the farms owned by his family’s friends and former classmates no longer operate – he saw it with his own eyes.
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