House Ag debates spending plan, Dems rebuff GOP attacks over stepped-up basis

 

By Philip Brasher and Steve Davies, Agri-Pulse

09/10/21

 

The House Agriculture Committee on Friday debated $66 billion in new spending for agricultural research, renewable energy and forestry over strenuous objections of Republicans, who used the deliberations to highlight President Joe Biden’s proposal to increase taxes on inherited assets...

 

... Missing from the legislation was $28 billion in conservation spending that committee Chairman David Scott, D-Ga., said would be added to the measure before  it is considered on the House floor. Scott said the omission was due to delays in getting cost estimates from the Congressional Budget Office. He didn't provide any details of the conservation title...

 

... The amendments that Republicans offered during a nine-hour marathon meeting included several that sought to put Democrats on record in opposition to Biden’s proposal to tax capital gains at death, creating a tax on intergenerational transfers and effectively nullifying the benefit of stepped-up basis.

 

While fighting the GOP amendments, Scott repeatedly assured Republicans that he also opposes the tax proposal, which is under the purview of the House Ways and Means Committee, not Agriculture. Scott sent a letter to the White House in June warning Biden that the tax liability could be a "significant burden" on farms.

 

He said the tax proposal would be “devastating” to farmers and tried to assure Republicans that fellow Democrats were privately working to head it off. “We have enough Democrats on our side that we can make a difference” in the internal negotiations over the tax provisions, he said...

 

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https://www.agri-pulse.com/articles/16448-house-ag-dems-advance-spending-plan-rebuff-gop-attack-on-taxes