Letter to hon. Chuck Schumer, Senate Majority Leader - Protect Family Farms and Ranches From Unfair Tax Hikes

Letter

Dear Leader Schumer,

As we consider historic middle class tax relief and strategic investments that will boost our
economy and create clean energy jobs, we must ensure that small businesses and taxpayers
earning under $400,000 per year are not footing the bill. Throughout this process, I have raised
concerns with the Administration and the Senate Finance Committee that certain tax proposals,
such as the elimination of stepped-up basis, may unfairly impact Nevada's small businesses and
family-owned farms and ranches. I oppose these reforms because Nevada's small businesses
should have the resources to grow without being unfairly burdened by our tax code.

Family-owned businesses, farms, and ranches are the backbone of the American economy. Many
of these family-owned businesses have held their assets for generations and have a deep
connection to the land they inherit. This is why I introduced amendment 3317, along with
Senators Tester, Wyden, Warnock, and Stabenow, to commit the budget reconciliation
instructions (S.Con.Res.14) to protecting family farms, ranches, and small businesses. These
business are essential to Nevada's economy and for feeding America.

I was pleased to see that a change in stepped-up basis was not included in the House Ways &
Means proposal marked up on September 15, 2021. As negotiations over the FY22 "Build Back
Better" agenda continue, I want to reiterate my concerns and urge you not to consider any
change in stepped-up basis that may harm small businesses, including family farms and ranches.

We should protect these multigenerational, hard-working families who have spent a lifetime
creating jobs, building businesses, and serving their communities. While we carefully consider
closing tax loopholes and making the wealthiest corporations pay their fair share, we must also
remain committed to protecting these family-owned businesses.

Source