Protecting Family-Owned Farms and Ranches
In Eastern Washington, owning a farm is so much more than just a business — it’s a family affair. The farm brings families together to work the land with pride, earn an honest living, and achieve what I’d call the American Dream.
For so many, the best part of this dream is passing the family farm down to the next generation, who will one day do the same with their children. Unfortunately, President Biden wants to make that more difficult by making the next generation pay capital gains taxes on everything they inherit — from land to equipment.
This is a quasi-death tax that would force next generation farmers and ranchers to pay additional taxes on land, equipment, and other assets that their family already paid taxes on. This is bad policy, and it could have devastating consequences for farms operating on small margins that have only been made smaller by the economic crisis.
That’s why I recently helped introduce a resolution to prevent this out-of-touch policy from being put in place. Farmers and ranchers are the backbone of Eastern Washington’s economy, and I will never stop fighting to ensure their business and family’s legacy are preserved for generations to come.