HUTCHINSON, Kan. — First District Congressman Tracey Mann spoke on the floor of the U.S. House of Representatives Wednesday, drawing attention to dangerous tax provisions included in President Biden's proposed Fiscal Year 2023 budget.
Mann says 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. He added that the new tax on unrealized gains would inflict hundreds of thousands of dollars in new capital gains taxes and jeopardize family-owned agricultural businesses.
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.
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