Rep. Mann Continues Fight Against President Biden's Farm Killer Tax

WASHINGTON, D.C. – Today, U.S. Representative Tracey Mann (KS-01) issued the following statement in response to President Biden’s Fiscal Year 2025 budget proposal and Fiscal Year 2025 revenue proposals that threaten the stepped-up basis and impose farm-killing ‘marked-to-market’ capital gains taxes on property like farmland that has been held in families for 90 years or more. 

"Farming is a multi-generational calling, with many producers operating on the same land that their parents and grandparents did decades before,” said Rep. Mann. “Since coming to office, President Biden has proposed budgets every year that threaten the stepped-up basis and impose the new Farm Killer Tax – which will destroy the livelihoods of producers in Kansas and across the country. Taxing the unrealized gains of generational farm assets threatens the livelihoods of the people who feed, fuel, and clothe us - and in turn the food security of our nation. As the Congressman for the First Congressional District of Kansas, home to 60,000 farms and the third-largest agricultural producing district in the country, I urge President Biden to reconsider these devastating tax proposals."

According to the U.S. Department of Agriculture’s Economic Research Service, 98% of all American farmers are family-owned, and 66% would see an increased tax liability if stepped-up basis were eliminated.

In the 118th and 117th Congresses, Rep. Mann and Rep. Adrian Smith (NE-03) introduced legislation preserving the stepped-up basis for family-owned agricultural producers and small business owners. In 2022, they led a letter to President Biden urging him to reconsider provisions in his Fiscal Year 2023 budget that threatened stepped-up basis and imposed ‘marked-to-market’ capital gains taxes on property like farmland that has been held in families for 90 years or more, also known as the "Farm Killer Tax".

Click here to view Rep. Mann’s Commitment to the Big First.

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