A group of House Republicans representing rural America have voiced concerns over President Biden's fiscal 2025 budget proposal. Led by Rep. Randy Feenstra of Iowa, more than a dozen Republicans penned a letter to Biden, highlighting elements of the budget that they believe will impose additional economic strain on American farmers and family-owned businesses.
The lawmakers specifically criticized the proposed increases to capital gains taxes, which are levied on investors or owners when they sell an asset based on its accumulated value over time. They argued that these tax hikes could have detrimental effects on small business owners and farmers looking to pass on their businesses to the next generation.
