Iowa Senator Chuck Grassley is a lead co-sponsor of newly re-introduced legislation by South Dakota Senator John Thune – the Death Tax Repeal Act of 2015 – which would repeal the federal estate tax. Grassley says the appreciated value of land is phantom income. The value is locked in the asset – so Grassley says if there’s no intent to sell the land – there’s no real income tax other than the income the land actually produces – which is already tax
Grassley says the estate tax doesn’t serve any purpose except sending more money to Washington, D.C. – which would be better spent on keeping up the family farm or creating jobs at a business. He says the only solution for ending the destructive nature of the death tax is its complete repeal.