Sioux City Times

WASHINGTON, D.C. – U.S. Rep. Randy Feenstra has taken a stand against President Biden's proposed tax hikes on family farms and small businesses. Feenstra expressed his concerns, stating, "President Biden’s $7.3-trillion budget for Fiscal Year 2025 proposes tax hikes that would crush our family farms and small businesses." He emphasized the detrimental impact of these tax increases on rural communities and the future of young producers and entrepreneurs in continuing family traditions.

Feenstra led a letter to the White House urging President Biden to reconsider these tax hikes, highlighting the importance of supporting the backbone of the economy – farmers and small business owners. The lawmakers behind the letter emphasized the historical significance of farmers and small businesses in driving the nation's economy and criticized the administration's continued burdening of these hardworking Americans with tax proposals.

The letter also addressed specific budget proposals related to like-kind exchanges, stepped-up basis, capital gains, and estate taxes, comparing them to the detrimental effects of the Death Tax. The lawmakers argued that these proposals would impose significant taxes on farmers and small businesses, hindering the smooth transition of family farms to the next generation and ultimately impacting the agricultural economy and the country as a whole.

The full text of the letter can be accessed for further details and insights.