NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — Kansas First District Congressman Tracey Mann is continuing to sound the alarm about what he is calling the farm-killer tax in the Biden administration's proposed 2023 budget.
"Buried in it is this provision that basically is a one-time capital gains tax on unrealized gains," Mann said. "Basically, an asset, think farmland or a small business, in the year 2030, would there be a capital gains tax applied to it."
This is one of the provisions that was in the administration's Build Back Better agenda that didn't even have support in the House, but Mann still sought support from House Agriculture Committee Republican Leader Glenn "GT" Thompson (PA-15), and U.S. Representative Adrian Smith (NE-03), Ranking Member on House Ways and Means Subcommittee on Trade, just to make sure it doesn't get legs this time around.
"This would be devastating for our family farms," Mann said. "We have so many generational family farms, land that's been in family farms for well over 90 years. It's just a few sentences buried in the budget. We've introduced legislation about this, we've sent letters. We're really raising the profile of this."
The letter tells the administration that landowners would be required to produce property appraisal information from the 1940s and conduct new appraisals to find their current property value to determine their tax liability to the federal government.