Walorski: Expanding Death Tax Would Hurt Family Farmers, Small Businesses
Repealing Stepped-Up Basis Could Force Next Generation of Hoosier Farmers to Sell Land to Pay IRS Bill
WASHINGTON – U.S. Rep. Jackie Walorski (R-Ind.) on Tuesday defended Hoosier family farmers and small business owners who would face devastating tax hikes under Democrats’ proposal to expand the death tax.
“Instead of working on pro-growth policies to rebuild our economy, Democrats under President Biden are seeking to raise taxes on American families and job creators, all to pay for their left-wing wish list,” Congresswoman Walorski said. “Without stepped-up basis, the next generation of Hoosier farmers could be forced to sell their land just to pay this supercharged death tax. This would add yet another burden on family-owned farms and businesses at a time when they are most vulnerable – after the death of a loved one. Nothing says ‘sorry for your loss’ quite like a massive tax bill from the IRS.”
Ways and Means Committee Republicans on Tuesday hosted a meeting examining the Biden administration’s proposal to repeal stepped-up basis. Repealing this provision in the tax code would effectively create a second death tax, harming America’s family farms and Main Street businesses.
Video of Walorski’s full remarks can be found here.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee and the Ranking Member of the House Ethics Committee.