Doesn’t Make Sense: A new tax on “unrealized gains” could impact family farms
Former Nebraska Senator Ben Nelson is concerned about a D.C. proposal that could adversely impact family farms by imposing a new tax on “unrealized gains.”
This proposed tax requires farm owners to pay taxes on yearly increases in the value of their operations. Nelson says that the proposal shows a lack of understanding about issues in rural America.
According to Nelson, “To say the least, it was shocking. Back in DC, the idea of rural is the distance in the superhighway between Washington DC and Baltimore. There is no real understanding of rural America and family farms and small businesses like those of us who live out here have it. So, they think that because they can come up with an idea, they can make it happen, and that’s probably true because they have the authority, but it doesn’t mean that it will make sense.”
He emphasized that taxing farmers on income that has not been earned yet does not make sense.