Rep. Mann Responds to President Biden's Unrealistic Budget Proposal
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.
"President Biden is spending money and buying votes,” said Rep. Mann. “His new budget is more of the same. It’s wasteful government spending to fund a partisan wishlist that American taxpayers will have to pay for. We can't afford it. We are $34 trillion in debt, and President Biden is mortgaging the future of our children and grandchildren.
In the coming days, the U.S. Department of Treasury will release its explanations of the Administration’s revenue proposals. If history repeats itself, the Biden Administration will attempt to pay for its progressive wish list with trillions of dollars in new tax hikes on Americans, including the highest personal income tax rate since 1986, and an elimination of the longstanding, bipartisan stepped-up basis, an exemption agricultural producers and small business owners often use when transferring their assets from one generation to the next.”
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 introduced legislation preservingthe stepped-up basis for family-owned agricultural producers and small business owners. In 2022, Rep. Mann 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".
“Congress must make it clear to President Biden that America will not stand for the destruction of the livelihoods of those who feed, fuel, and clothe the world – especially in the name of reckless spending,” said Rep. Mann.
Click here to view Rep. Mann’s Commitment to the Big First.
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