WASHINGTON, D.C. – Last week, U.S. Rep. Randy Feenstra (R-Hull) led 21 of his Republican colleagues in sending a letter to President Joe Biden demanding that he abandon his plans to cap like-kind exchanges for Iowa farmers and main street businesses.
“President Biden’s destructive proposal to cap like-kind exchanges for our farmers, producers, and main street businesses would devastate our economy and harm our rural communities in Iowa,” said Rep. Feenstra. “Like-kind exchanges allow our farmers and small businesses to expand their operations, hire new employees, drive economic growth up and down our main streets, and pass their farms and businesses on to the next generation. As a strong proponent of pro-growth policies in Congress, I will fight tooth and nail to ensure that this ridiculous plan never receives Biden’s signature.”
In his proposed Fiscal Year 2024 budget, President Biden seeks to cap like-kind exchanges and step-up in basis, which are both vital tax provisions for the long-term success and economic vitality of Iowa farmers, producers, main street businesses, and rural communities.
You can read the full letter HERE.
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Issues: Agriculture Economy
Original source can be found here.
