Congressman Tracey Mann on Protecting Family Farms and Small Businesses

The Importance of Family Farms and Small Businesses

• 👨‍👩‍👧‍👦 Family farms and small businesses are the backbone of the American economy, characterized by sacrifice, hard work, and determination.
• 🇺🇸 These businesses embody the American dream, allowing individuals to work hard, make an honest living, and succeed.
• 🏡 Many are family-owned and operated, representing a personal investment and a commitment to serving neighbors and improving communities.

Legislative Efforts to Support Family Businesses

• 🏛️ Congressman Mann has introduced legislation to preserve stepped-up basis, protecting families from capital gains taxes on inherited assets, and opposing efforts to remove this provision.
• 🎓 A bill seeks to correct FASA provisions that negatively impact students from family farms and small businesses by counting these assets against them for federal aid.
• 📉 Mann advocates for rolling back burdensome regulations imposed by the Biden administration, which he argues hinder small business owners.

Economic Policies for Growth

• 📈 The extension of the 2017 tax cuts is crucial for supporting small businesses, as failing to do so could nearly double their tax rates.
• 🌐 These tax cuts previously ushered in an economic boom, and their extension is seen as vital for bringing back a growing economy and allowing family businesses to thrive.
• ⚠️ A failure to extend these cuts could lead to reduced business growth, staff reductions, or even closures, negatively impacting local economies and Main Street.

National Small Business Week

• 🌟 During National Small Business Week, appreciation is extended to the 33 million small businesses and nearly 62 million Americans they employ.
• 💪 Supporting small businesses is framed as essential for the nation's success, as "If our small businesses fail, America fails."