Congresswoman Bice Joins 87 other House Colleagues in Effort to Protect Small Businesses and American Farmers from Harmful Tax Policies

Washington, D.C. — Today, Congresswoman Stephanie Bice (OK-05) joined U.S. Representative Randy Feenstra (IA-04) and 87 of their House colleagues in sending a letter to President Biden, urging him to renounce his plan to cap like-kind exchanges — a policy that would result in higher taxes for farmers and small businesses owners. 

“Rural communities and family farmers are an important part of our economy in Oklahoma,” said Rep. Bice. “Ensuring agricultural workers have the opportunity to improve and expand their land or business is critical. Capping like-kind exchanges would not only negatively impact the ag industry, but also small businesses and hard-working families.”

“The Biden administration is pursuing a number of bad policies in their misguided effort to redistribute wealth. They are failing to recognize the detrimental impact their proposals will have on America’s heartland,” said Rep. Feenstra. “Like-kind exchanges are important for farmers looking to retire and pass their property on to the next generation, for rural communities that benefit from incentives for economic investment, and for small business owners who are looking to improve and expand their companies. I urge President Biden to abandon his plan to cap like-kind exchanges, which will place a harmful tax burden on farmers, hardworking families, and main street business owners.”

In their letter to President Biden, Feenstra and his colleagues argue President Biden’s proposal to cap like-kind exchanges would discourage investment at a critical moment for the economy. Additionally, they call attention to the devastating impact this move would have on family farmers and family-owned businesses.

“We urge you and your administration not to damage the livelihood of farmers everywhere by repealing or changing like-kind exchanges,” the members wrote. “For the agricultural community, a cap on like-kind exchanges would limit farmers’ ability to improve their operations through combining acreage, purchasing more productive land, and mitigating environmental impacts. Further, capping like-kind exchanges could make it more difficult to restructure businesses so that young or beginning farmers can join operations.”

The members also highlight that limiting like-kind exchanges would not only have a negative impact on individual farmers, but also on the ag industry and the national economy as a whole. 

“It is critical that farmers and small businesses have the freedom to improve their operations in whatever way they see fit,” the members continued. “This proposed change to the tax code would limit the economic mobility and viability of businesses across the nation. Now is not the time to stunt growth, but to encourage it.”

The letter is supported by the American Farm Bureau Federation and the Real Estate Roundtable, which includes 19 national real estate associations.

Read the full letter by clicking here.