When Wisconsin farmers gathered for a Trump parade, many of them were worried about Kamala Harris’ support for a change to the inheritance tax. This change would lower the amount of money you can inherit without paying taxes, from $13.6 million to $3.5 million.
Harris’ backing of the American Housing and Economic Mobility Act, which includes this tax change, hasn’t been widely covered in the news. But for small farmers, it could mean the difference between keeping their farm in the family or having to sell part of it to pay the IRS.
Mark Christenson, a 76-year-old farmer from Jefferson County, shared his concerns with The Post. He wants to pass his farm down to his grandson, but he fears Harris’ plan could force his family to sell some of the farm to cover the tax bill.
Farmers often have valuable land but not much cash. Even small farms can be worth millions, but many Wisconsin farms earn less than $100,000 a year, and most farm families need extra jobs to make ends meet.
Another farmer, Kurth Schaefer, echoed these concerns. He said that because of the tax burden, families might have to sell their land to pay the inheritance tax.
Currently, the tax only affects about 0.2% of Americans, but lowering the exemption to $3.5 million would impact many more people. The money raised from this tax change, along with an increase in the corporate tax rate, would go toward a $40 billion fund for affordable housing.
Schaefer also compared the recent Republican and Democratic conventions. He felt that the Republicans showed love for the nation and future generations, while the Democrats focused more on criticizing others.
The Trump parade, organized by the Republican Party of Jefferson County, was well-received by the community. Many people, like Corby Davis, were excited to show their support for Trump.
Davis said, “I think it’s great! Wish I would have known about it ahead of time,” as she watched the parade of flag-draped vehicles pass by.
