GreenFraud On Farmers
- Theresa Greenfield says she will “ensure we stand with our agricultural communities.”
- Theresa Greenfield would make farmers’ economic pain worse. Just like Nancy Pelosi, Greenfield supports the liberal death tax. Citation
- This unfair tax would punish family farms and small businesses– forcing them to be sold off instead of passed onto the next generation. Citation
- The Pelosi-Greenfield death tax would destroy family traditions and weaken Iowa’s economy. Citation
Theresa Greenfield Would Make Farmers’ Economic Pain Worse. Just Like Nancy Pelosi, Greenfield Supports The Liberal Death Tax.
Greenfield Criticized Provisions In The Tax Cuts And Jobs Act To Repeal The Death Tax, And She Claimed The Bill Would Provide Unnecessary Tax Breaks To Businesses
Greenfield: “Repealing The Estate Tax … Helps The Wealthiest Americans – It Does Nothing For Small Business Owners And Farms.”“Family farms are often used by politicians as shields so that they can do the bidding wealthy special interests. Repealing the estate tax, as this bill does, helps the wealthiest Americans – it does nothing for small business owners and farms. With so many of the tax breaks in the House bill going to corporations and pass-throughs, our farms will be left holding the bag. As if family farms and small business needed yet another competitive disadvantage!” (Theresa Greenfield, Op-Ed, “Greenfield Says GOP Tax Plan Won’t Work For Rural Iowans,” Valley News Today, 11/13/17)
Greenfield: “David Young Should Call On Paul Ryan To Scrap This Disastrous Bill, And Work Together With Democrats And Other Stakeholders To Craft A Real Reform Package – One That Will Simplify The Tax Code, Reduce Burdens On The Middle-Class, And Strengthen Rural Iowa.” “David Young should call on Paul Ryan to scrap this disastrous bill, and work together with Democrats and other stakeholders to craft a real reform package – one that will simplify the tax code, reduce burdens on the middle-class, and strengthen rural Iowa. Southwestern Iowa is watching.” (Theresa Greenfield, Op-Ed, “Greenfield Says GOP Tax Plan Won’t Work For Rural Iowans,” Valley News Today, 11/13/17)
Nancy Pelosi Has Long Opposed The Repeal Of The Death Tax
“Pelosi: Estate Tax Repeal Is Reverse Robin Hood” (Press Release, “Pelosi: Estate Tax Repeal Is Reverse Robin Hood,” Representative Nancy Pelosi, 4/13/05)
Pelosi Argued Against The Inclusion Of The Estate Tax Provision In The Tax Cuts And Jobs Act, Saying It Only Helps The Wealthiest Families. “How can the Republicans, with a straight face, say to the middle class, well, we’re doubling this or doubling that? Give with one hand, take with another. And to hear them cheer, hear them cheer for the provision in here about the estate tax. Listen to this. You tell me if you think this is fair: 1,800 families in America, not your family farmer, everybody’s taken care in what we have done already with the estate tax. In this bill, 1,800 of the wealthiest families, filers in our country, will in the life of the bill get the break of $172 billion. 1,800 families. This is for 1,800 families. And you know what, the Republicans cheered that. 1,800 families are going to get $172 billion.” (Press Release, “Pelosi Floor Speech On Republicans’ GOP Tax Scam,” House Democratic Leader Nancy Pelosi, 11/17/17)
This Unfair Tax Would Punish Family Farms And Small Businesses– Forcing Them To Be Sold Off Instead Of Passed Onto The Next Generation.
The Death Tax Punishes Family Farms
The American Farm Bureau Federation Argues That The Majority Of Farm And Ranch Assets Are Illiquid, Meaning Producers Have Few Options To Generate Cash To Pay The Estate Tax. “The value of family-owned farms and ranches is usually tied to illiquid assets such as land, buildings and equipment. With 91 percent of farm and ranch assets illiquid, producers have few options when it comes to generating cash to pay the estate tax. When estate taxes on an agricultural business exceed cash and other liquid assets, surviving family partners may be forced to sell land, buildings or equipment needed to keep their businesses running. This not only can cripple a farm or ranch operation, but also hurts the rural communities and businesses that agriculture supports. Almost all farmers and ranchers have benefited greatly from congressional action that increased the estate tax exemption to $11 per person/ $22 million per couple indexed for inflation, provided portability between spouses, and continued the stepped-up basis. Instead of spending money on life insurance and estate planning, farmers are able to upgrade buildings and purchase equipment and livestock. And more importantly, they have been able to continue farming when a family member dies without having to sell land, livestock or equipment to pay the tax.” (“Estate Tax Repeal,” American Farm Bureau Federation, Accessed 5/13/20)
The Pelosi-Greenfield Death Tax Would Destroy Family Traditions And Weaken Iowa’s Economy.
The Death Tax Stifles Economic Growth And Inventiveness Business Owners To Close Or Sell Their Companies Before They Die
According To The Heritage Foundation, The Death Tax Stifles Economic Growth Because It “Incentivizes Business Owners To Close Or Sell Their Companies Before They Die, Spending Down Their Investments Rather Than Working To Maintain Their Business For Future Generations.” “Unfortunately, the tax has the unintended consequence of stifling economic growth. The largest estates are often those that include family-owned businesses. Family businesses appear valuable on paper, but it’s hard to pay a 40 percent tax on the value of your farm equipment without selling it or taking out a huge loan. You may have heard that less than 5,000 people pay the estate tax each year, so proponents of the tax will claim it has no measurable effect on businesses or the economy. What proponents fail to recognize is that the tax incentivizes business owners to close or sell their companies before they die, spending down their investments rather than working to maintain their business for future generations. This practice hurts the economy because family-owned businesses are often hard to transfer to unrelated third parties. Forcing this transfer results in less business investment, which is ultimately what will create jobs, raise wages, and grow the economy.” (Kevin Dayaratna And Adam Michel, “Keeping the Death Tax Would Make No Sense At All,” The Heritage Foundation, 10/31/17)