In opening remarks for today’s Budget Committee hearing on the Democrats’ tax and spending spree, which now has a price tag of $4.3 trillion due to several committees blowing past the amount they are allowed to spend, Rep. Randy Feenstra (IA-04) criticized President Biden and congressional Democrats for once again leaving America’s producers behind.
“Thankfully, the elimination of stepped-up basis is not in the current bill. But Democrats couldn’t let our farmers off that easily -- instead, they are reversing death tax protections passed in the 2017 Tax Cuts and Jobs Act,” Feenstra said. “This will expose thousands of family-owned farms and businesses to being sold just so these farmers can pay the IRS.”
“Crop growers and biofuel producers in districts like mine are completely left behind and even punished with higher taxes in this bill -- all to pay for Green New Deal policies like $7.5 billion to create a Civilian Climate Corps, $27.5 billion for a new climate financing ‘green bank,’ and $45 billion for climate research -- with absolutely zero direction or strategy,” Feenstra continued.
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