Little Apple Times

U.S. Representative Tracey Mann (KS-01), a member of the House Small Business Committee, has criticized the Biden-Harris Administration's portrayal of a "small business boom" during a recent hearing with the Small Business Administrator. Rep. Mann also expressed strong opposition to the administration's fourth consecutive budget proposal, which aims to eliminate stepped-up basis and introduce significant capital gains tax increases on family-owned businesses and farms.

In March 2024, Rep. Mann introduced legislation aimed at preserving stepped-up basis and countering what he refers to as the Biden-Harris Administration’s "farm killer tax." He has consistently opposed regulations from the administration that he views as burdensome for American small business owners. Additionally, Rep. Mann has accused the agency of using its power to support the Biden-Harris campaign rather than focusing on empowering small businesses in America.

During the hearing, Rep. Mann questioned Small Business Administrator Isabel Guzman about her stance on these issues:

"Do you support this farm and business-killing tax that the Biden-Harris Administration continues to promote?" asked Mann.

"We are not in agreement in terms of what it did, and so I can’t give you any of my recommendations," responded Guzman.

Rep. Mann further inquired about Guzman's position on stepped-up basis: "Do you support stepped-up basis? Are you for the concept of having a stepped-up basis to be able to pass farmland or small businesses from one generation to the next with a step up or an increase in the tax base?"

Guzman replied, "I’m for a balanced tax code that benefits our small businesses more than our large."

Mann concluded by stating, "Which is code-speak for you’re not for preserving stepped-up basis which is why I’m having this conversation and why for every year for the last four years we’ve gone to battle with the Administration when the budget is released to make sure we keep stepped-up basis. It’s remarkable how out of touch it seems like we are when we say we’re for small businesses, yet the number one estate tax provision that helps them, this Administration continues to year after year propose doing away with. It makes no sense to me."

For more information about Representative Mann, visit: www.mann.house.gov.