America's family farmers and ranchers have faced unprecedented challenges in recent years. They have been caught in the middle of trade wars, repeatedly lost harvests and livestock to one catastrophic natural disaster after another, and faced a whole new set of unparalleled complications when COVID-19 took hold. Now a new threat to their future looms, the Democrats' reckless tax- and-spend agenda for which family farmers and ranchers are being told to foot the bill. The Democrats are proposing changes to capital gains tax rates, stepped-up basis, and the use of like-kind exchanges that put the future of our family farms and ranches at risk. The next generation of family farmers will face devastating consequences if the Democrats have their way, as their proposed changes put the future of nearly 2 million family-owned farm operations at risk. The President and his allies in Congress will tell you that family farms and ranches will not be impacted by their proposed changes. In fact, they make a very specific claim that 98 percent of farms will not be impacted. Yet they have provided no evidence to support that claim, and they have been asked to provide that directly by myself and a majority of the Republican side of the Ag Committee. We essentially asked USDA to show its math. That request has gone unanswered. It seems unlikely that we will ever get a response, so we took it upon ourselves to find out if there was any legitimacy to their claim.…
On the recordJuly 21, 2021
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