During today’s Agriculture Committee markup on the Democrats’ $3.5 trillion tax and spend legislation, Rep. Randy Feenstra (IA-04) proposed an amendment to protect family farmers from harmful tax hikes.
President Biden has repeatedly promised that he won’t raise taxes on people making less than $400,000, claiming that these individuals “won’t see one single penny in additional federal tax,” but these protections have yet to be disclosed. Feenstra’s proposal freezes all funding in this bill until the Secretary of Agriculture certifies that no farmer with an income below $400,000 will face a higher tax burden.
Democrats on the Ag Committee blocked this proposal, refusing to ensure family farmers will not face tax hikes.
“It is unacceptable and concerning that Democrats have shown such indifference towards raising taxes on family farmers,” said Rep. Feenstra. “Our farmers are the breadbasket to the world and the economic engine of our nation. They should not have to foot the bill for this $3.5 trillion Socialist Spending Spree, but the Biden administration has turned a blind eye to the devastating effects this would have on our agriculture community. Although the Ag Committee has a long history of finding common ground, I am disappointed that today they blocked a critical opportunity to take the target off the backs of family farmers.”
As the former Chair of the Iowa Senate Ways and Means Committee, Feenstra has raised concerns about proposed tax changes -- including to stepped-up basis and like-kind exchanges -- and the adverse impact they would have on family farmers. He started warning about changes to stepped-up basis in April, and in early August, he led nearly 90 of his colleagues in sending a letter to President Biden on like-kind exchanges.
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