Updated: Jul 30, 2021
A Nebraska-based coalition has formed in opposition to Washington, D.C., tax hikes that could threaten family farms, businesses, and communities. The full Nebraska congressional delegation participated in last week’s announcement.
On May 6, members of Nebraska’s congressional delegation joined with leaders from the Nebraska Chamber and the Nebraska Farm Bureau to launch “Nebraskans for Tax Truth.” This coalition will focus on ensuring that Nebraskans know everything about the tax hikes and how they could impact the future of Nebraska in light of proposals floated by President Joe Biden.
Discussions in Washington, D.C. have centered around ramping up capital gains, estate (death taxes), and corporate taxes. Coalition partners say raising taxes in these areas would have far-reaching impacts that not only threaten Nebraska’s family businesses and primary economic sectors, but also Nebraskans who rely on those businesses for employment. Coalition representatives look towards growing the coalition and gaining partners over the next few months heading into Congressional tax discussions targeted for late summer and early fall. The coalition has urged individual Nebraskans to learn more and sign the coalition’s petition in support of common-sense tax policies, particularly post-pandemic, by visiting the coalition’s website at www.nebraskansfortaxtruth.org
The video of the news conference is available Here.
Coalition Partner Quotes:
“President Biden wants to raise the capital gains tax to the highest level in history and force American businesses and their customers to pay the highest combined corporate tax rate in the developed world. I am proud to support the creation of Nebraskans for Tax Truth. This coalition will highlight how these extreme tax increases would be devastating for Nebraska’s families, ag producers, and economy as a whole.” – U.S. Senator Deb Fischer, Member of Senate Agriculture Committee
“President Biden’s efforts to tax and spend — and then tax and spend more — aren’t what we need right now. Our state is built of small businesses and the policies coming down from Washington are downright scary for a bunch of Nebraska’s small businesses and family-run farm and ranch operations. Instead, the Administration should be finding more trade markets and cutting red tape — so we can keep feeding the world.” – U.S. Senator Ben Sasse
“The decision before us is whether we stand with the American farm family, allow the inter-generational capacity to grow food, and a vibrant ecosystem of rural life, or watch as large corporations and trust-funds gobble up more land all because of tax considerations.” – Congressman Jeff Fortenberry (NE -1), Ranking Member, House Appropriations Subcommittee on Agriculture, Rural Development, and Food and Drug Administration (FDA)
“As I have visited farms and ranches across Nebraska these past four months, I hear strong concerns from our state’s ag producers about the possible loss of both the stepped-up basis and the assessment of tax capital gains upon the sale of an asset in the tax code. I will continue to oppose such efforts in Congress and joined my colleagues Reps. Smith and Fischbach in sending a letter to House Leadership opposing the administration’s proposals for these changes.” – Congressman Don Bacon (NE-2)
“I appreciate the work Nebraska’s farmers, ranchers, and small businesses are doing to highlight the damage the onslaught of tax increase proposals coming from the Biden Administration would do to our economy. We have seen how successful competitive tax policy can be when it rewards job creation and job opportunity. Raising tax rates, punishing family businesses, and taking dollars out of the pockets of hardworking Americans is the last thing we need right now.” – Congressman Adrian Smith (NE-3)
“The proposed White House tax hikes will hit Nebraska’s food and goods-producing sectors hard – our top two job creators across the state. Several other family-owned businesses, key sectors, and the investments that fuel startups and grow jobs for all Nebraskans would suffer too. You get less of what you tax more. It’s hard to understand how policymakers could consider curbing American competitiveness just when what America needs most is to move people back into work and rebuild our post-pandemic economy.” – Bryan Slone, NE Chamber President
“Today 97 percent of all U.S. farms are family owned and operated. These are multi-generational family operations. Increasing taxes on generational transfers of through increased capital gains and estate taxes can permanently damage these family businesses. No farm or ranch should be broken up or forced to sell because of a government tax burden. A family members death shouldn’t be viewed by the government as a way to get a share of a family’s business. That’s what these tax hikes will do regardless how Washington D.C. tries to spin it. We’ll do everything in our power to stop it.” – Mark McHargue, Nebraska Farm Bureau President