On the recordJune 13, 2022
I thank Representative Mann for bringing up the stepped-up basis repeal. Republicans didn't get a vote in this largest tax-and-spending bill that was called Build Back Better, that some have not so affectionately referred to as build back broke. Really, it adds, even according to CBO, trillions of dollars in new debt. Worst of all, the Democrats negotiated some of these provisions out before they passed it out of the House. One of them was the repeal of the stepped-up basis. Then, this President puts it back in the ``Green Book'' and says to the American farmers and ranchers, who put food on the table and give us food security, which is national security--we talk about energy independence; you wait until the pain is felt by the food shortage, a whole other level of concern when it comes to supply chain. Less than 1 percent, a fraction of a percent, we spend as a nation to have ag independence and have a stable ag economy through farm policies and a farm bill. This stepped-up basis, as I told Secretary Yellen, would create the largest fire sale of farm assets in the history of our country. Farmers are cash poor. If the next generation of farmers inherits a death tax, after paying taxes out the wazoo on every level--income, sales, franchise, you name it, they have paid it. It is an unfair, un- American double tax, and they don't have the cash for it. It amounts to selling off the family farm because the vast majority will be forced to do that to pay more taxes.
