Rep. Mann Pulls Curtain on Biden-Harris Fantasy “Small Business Boom”, Farm Killer Tax
WASHINGTON, D.C. – Today, U.S. Representative Tracey Mann (KS-01), member of the House Small Business Committee, pulled back the curtain on the Biden-Harris Small Business Administration’s (SBA) fantasy “small business boom” during a hearing with the Small Business Administrator. During his questioning, Rep. Mann also blasted the Biden-Harris Administration’s fourth budget proposal in row that would eliminate stepped-up basis and impose massive “marked-to-market” capital gains tax hikes on family-owned businesses and farms.
In March 2024, Rep. Mann introduced legislation to preserve stepped-up basis and push against, the Biden-Harris Administration’s farm killer tax. Rep. Mann has continued to fight against burdensome and overreaching regulations from the Biden-Harris Administration on American small business owners. He has also held the agency accountable for weaponizing its power by acting as an arm for the Biden-Harris campaign rather than empowering America’s small businesses.
Excerpt
Mann: Do you support this farm and business-killing tax that the Biden-Harris Administration continues to promote?
Guzman: We are not in agreement in terms of what it did, and so I can’t give you any of my recommendations.
Mann: Do you support stepped-up basis? Are you for the concept of having a stepped-up basis to be able to pass farmland or small businesses from one generation to the next with a step up or an increase in the tax base?
Guzman: I’m for a balanced tax code that benefits our small businesses more than our large.
Mann: Which is code-speak for you’re not for preserving stepped-up basis which is why I’m having this conversation and why for every year for the last four years we’ve gone to battle with the Administration when the budget is released to make sure we keep stepped-up basis. It’s remarkable how out of touch it seems like we are when we say we’re for small businesses, yet the number one estate tax provision that helps them, this Administration continues to year after year propose doing away with. It makes no sense to me.
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For more information about Representative Mann, visit: www.mann.house.gov.