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Joe Biden Declares War on Family Farms, Owner Occupied Businesses and Home Ownership

May 17, 2021 | President Joe Biden is seeking higher taxes on real estate transactions with gains of more than $500,000, a target aimed directly at the heart of small real estate investors, family farmers and owner-occupied businesses. In combination with his plans to eliminate step-up basis on the resolution of estates, the Biden tax proposal will greatly increase the cost of farmland and thus food prices, property prices and rental costs in some markets.