U.S. Representative Tracey Mann (KS-01) has voiced his concerns over President Biden’s proposed Fiscal Year 2025 budget and revenue proposals, specifically highlighting the threat posed to the agricultural community by the potential elimination of the stepped-up basis and the introduction of ‘marked-to-market’ capital gains taxes on longstanding family-owned farmland. In a statement, Rep. Mann emphasized the impact of these tax changes on generational farmers, stating, “Taxing the unrealized gains of generational farm assets threatens the livelihoods of the people who feed, fuel, and clothe us.”
Rep. Mann, who represents the First Congressional District of Kansas, a region with a significant agricultural presence, urged President Biden to reconsider these tax proposals, which he believes could have devastating consequences for farmers not only in Kansas but across the nation. He emphasized the importance of preserving the stepped-up basis for family-owned agricultural producers and small business owners, citing data from the U.S. Department of Agriculture’s Economic Research Service that shows 98% of American farmers are family-owned, with 66% facing increased tax liabilities if the stepped-up basis is eliminated.
This is not the first time Rep. Mann has taken a stand on this issue. In previous Congresses, he introduced legislation alongside Rep. Adrian Smith (NE-03) to protect the stepped-up basis for family-owned agricultural producers and small business owners. The duo also led efforts in 2022 to urge President Biden to reconsider similar provisions in his Fiscal Year 2023 budget, which they referred to as the “Farm Killer Tax.”
As the debate over President Biden’s proposed tax changes continues, Rep. Mann remains steadfast in his commitment to advocating for the interests of farmers and preserving the longstanding agricultural traditions that are integral to communities like those in the First Congressional District of Kansas.
