On Tuesday, Rep. Tracey Mann (R-KS) spoke on the House floor about protecting family farms.
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00:00The chair recognizes the gentleman from Kansas, Mr. Mann, for five minutes.
00:09Mr. Speaker, the Big First District of Kansas is home to more than 20,000 small businesses
00:15who employ over 80% of working adults in my district.
00:18These small businesses are the backbones of our economy.
00:21Their stories, defined by sacrifice, hard work, and determination,
00:25serve as a reminder of what the American dream is all about.
00:28That anyone from anywhere can come to the U.S. the right way, work hard, make an honest living, and succeed.
00:35That's what it's all about.
00:37Many of the small businesses I represent are family-owned and operated.
00:40As a fitteration to grow up on my family farm and feed yard in western Kansas,
00:44I understand the immense sense of pride and gratitude that comes with growing up around a family business.
00:49It's much more than a nine-to-five.
00:51It's a personal investment of endless hours to see a dream come to life.
00:54And when that dream gets off the ground, families give it their all to keep it afloat.
00:59They take pride in serving their neighbors and leaving their communities better than they found them.
01:03Our federal policies ought to help them do just that.
01:07Since I came to Congress, I've worked nonstop to make this a reality.
01:11Every year, I've introduced legislation to preserve stepped-up basis and to stop far-left Democrats' farm killer tax.
01:19For decades, stepped-up basis has protected families from being forced to pay capital gains taxes on inherited assets.
01:26President Biden tried his best to remove this provision,
01:28which would have resulted in the destruction of family farms across my district and around the country.
01:33I've always and will continue to oppose any effort to impose new taxes on small family-owned businesses, period.
01:40I fought to protect similar exemptions for students from family farms and small businesses.
01:44Last year, new FAFSA provisions altered the federal formula for student aid,
01:49counting assets in small businesses and family farms as part of the family's net worth.
01:53My Family Farm and Small Business Exemption Act seeks to correct this flaw
01:57and to level the playing field for students who come from these families.
02:02When these students are applying for higher education financial aid,
02:05assets tied up in a small business should not count against them.
02:08As their families work tirelessly to make an honest living and serve their neighbors,
02:12we should make it easier for them to succeed and pass on these businesses to the next generation.
02:17My bill evens the playing field and protects the American dream for every student.
02:22And I was proud to see it included in the bill that the House Education and Workforce Committee marked up last week.
02:27Congress should also roll back burdensome regulations that further handcuff our small businesses in an already challenging environment.
02:33For the last four years, our small business owners navigated regulation after regulation imposed by the Biden administration.
02:40President Biden attempted to regulate every aspect of small business owners' livelihoods
02:45if they didn't fall in line with his Green New Deal agenda.
02:49Small business owners, already struggling with sky-high inflation,
02:53begged Washington, D.C. for less regulation and more freedom to just make a living.
02:57The Republican majority has spent the last four months rolling back these regulations.
03:01That's what our small business owners want, and that's what they deserve.
03:05Most importantly, Mr. Speaker, over the last few months, this body will work to further support small business owners by extending the 2017 tax cuts.
03:13These historic tax cuts by President Trump during his first term ushered in an economic boom that benefited America's small businesses and the communities they serve.
03:21We have a duty to bring back the growing economy and to ensure the family businesses that are the backbone of our country can thrive again.
03:31If we fail to extend the Trump tax cuts, small businesses will see their tax rates nearly double, harming local economies and Main Street.
03:39This financial burden would limit a small business' ability to grow and force some to reduce the size of their staffs or even close their doors entirely.
03:46Americans can't afford to leave these men and women out to dry.
03:49During this National Small Business Week, we thank the hardworking men and women who make up more than 33 million small businesses across our great nation,
03:58employ nearly 62 million Americans, and equipping them to feed their families, put a roof over their heads, and clothes on their backs.
04:06I look forward to working with my colleagues in this body to see America's small business community thrive once again.
04:11If our small businesses fail, America fails, and the world cannot afford that.
04:16I recognize that over these next few weeks, we will have very difficult conversations on the best way to extend these cuts
04:21and enact President Trump's agenda, but they're conversations worth having.
04:26Mr. Speaker, America is counting on us.
04:29Thank you, and I yield back.
04:32The chair recognizes the gentleman from New Jersey, Mr.
04:35Mr.