Rep. Mann Challenges President Biden's Farm Killer Tax on House Floor.

Statement

Yesterday, during National Agriculture Month, U.S. Representative Tracey Mann (KS-01) spoke on the floor of the U.S. House of Representatives, drawing attention to dangerous tax provisions included in President Biden's proposed Fiscal Year 2023 budget.

The President's budget includes provisions threatening the stepped-up basis and imposing capital gains taxes on property such as farms, ranches, and businesses that have been held in the family for 90 years or more. This new tax on unrealized gains would inflict hundreds of thousands of dollars in new capital gains taxes on hardworking Americans and jeopardize family-owned agricultural businesses.

"Farming is a multi-generational calling," said Rep. Mann. "The ideas in this budget -- threatening the stepped-up basis and imposing the new Farm Killer Tax -- will destroy the livelihoods of producers in Kansas and across the country. In 1940, the average cost of Kansas farmland was $50 per acre. Now, irrigated land is over $4,000 per acre. This new tax is not just a game-changer for thousands of family farms -- it is a game-ender."

Yesterday, Representative Mann led a resolution with 73 of his colleagues that supports the preservation of the stepped-up basis, opposes any new efforts to impose new taxes on family farms and small businesses, and recognizes the importance of generational transfers of farm and small business operations.

Click the link below to watch Rep. Mann's full remarks on the House floor:

(1) Farm Killer Tax - Floor Speech - YouTube

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