Smith Hosts Ways and Means Meeting Opposing Stepped-Up Basis Repeal

Press Release

Washington, D.C. -- Representatives Adrian Smith (R-NE), Ranking Republican on the Select Revenue Subcommittee, and Republican Leader of the Ways and Means Committee, Kevin Brady (R-TX), hosted a meeting today titled "Democrats' Supercharged Death Tax Targets Family-Owned Businesses and Farms, Costing 1 Million Jobs." The meeting provided committee members an opportunity to hear from agriculture producers and small businesses about the real negative impact the Biden Administration's proposal to repeal stepped-up basis would have on the next generation of farmers, ranchers, and manufacturers.

Don Batie, a Third District farmer from Dawson County, spoke to the toll repealing stepped-up basis would have on passing his farm, which has been in his family since an initial Homestead Act claim was made in the 1870s, to the next generation.

"Stepped-up basis ensures family-owned farms, ranches, and small businesses carry on to the next generation, creating jobs and economic opportunity everywhere, particularly in rural America," said Smith. "I appreciate Don taking time today to share his story with our committee, illustrating the importance of this part of the tax code to families across our state who have farmed and ranched for generations."

"The preservation of stepped-up basis is of vital importance to Nebraska's farm and ranch families. Dawson County Farm Bureau member Don Batie did an exceptional job of sharing his family's story to the House Ways and Means Committee today," said Mark McHargue, Nebraska Farm Bureau President. "As Don clearly explained, without stepped-up basis his family would have been exposed to a substantial tax burden that would have likely led to the selling of pieces of the farm that has been in his family for 148 years. The death of a family member does not give the federal government the right to take a substantial portion of what farm and ranch families have spent, in many cases, several lifetimes building. While some have continued to claim the loss of this tax provision only affects the super-rich, Mr. Batie's story highlights the actual truth…farmers, ranchers, and rural communities would be devastated by this administration's scheme to take what doesn't belong to them."

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