Rep. Randy Feenstra (IA-04) joined Ranking Member of the House Committee on the Budget Rep. Jason Smith (MO-08) and dozens of his colleagues as a cosponsor of two bills that aim to ease the tax burden on family farms and rural main street businesses: the Death Tax Repeal Act and the Main Street Tax Certainty Act.
“It is vital that Congress implements tax policies that makes it easier for family farms and rural main street businesses to grow and thrive,” said Rep. Feenstra. “Farmers and small business owners form the backbone of our economy, and they should be allowed to keep more of their hard-earned money — not penalized or hit with surprise tax bills. I am committed to fighting for taxpayers, and I will continue working to enact policies that ease the tax burden on family farms and small business owners to drive economic growth.”
The Death Tax Repeal Act, a bicameral and bipartisan proposal, would permanently repeal the federal estate tax, also known as the death tax. It can be detrimental to family farms by hitting beneficiaries with a hefty tax as a result of the owner’s death. It has broad support from several groups, including the American Farm Bureau Federation, the National Cattlemen’s Beef Association, National Federation of Independent Business, the National Association of Manufacturers, the Family Business Coalition, the Family Business Estate Tax Coalition, the Policy and Taxation Group, the Associated General Contractors of America, the National Taxpayers Union and many others.
The Main Street Tax Certainty Act, also a bicameral and bipartisan proposal, would make the Section 199A 20 percent tax deduction on qualified business income permanent for small businesses. It is currently set to expire in 2025. This bill has received a number of endorsements from stakeholders, including from the American Farm Bureau Federation, the National Federation of Independent Business, Independent Community Bankers Association, and the U.S. Chamber of Commerce.