Unrealized capital gains tax is worth fearing
In a letter to the editor on March 22, “No need to fear unrealized capital gains tax,” Brian Lemley states that capital gains will only hit the “very rich.”
Well, I am a fifth-generation fruit and vegetable farmer here in Washington County and I am in no way rich. I work hard every day to grow produce and sell it. I make a very modest living with my family. I fear unrealized capital gains very much.
When I die or before, I would like to pass my farm on to my children so they can keep farming. My farm is worth a lot of money. Unrealized capital gains will cost my children so much that they will be forced to sell the farm to pay the taxes.
I wonder if Lemley realizes that an unrealized capital gains tax will destroy the hopes of a family farm being passed onto the next generation.
Bob Simmons
McMurray