Economy
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We’re all familiar with the grief and pain that comes with losing a loved one. Whether a death is unexpected or occurs after a long battle with an illness, families must make funeral arrangements, settle an estate, and manage any outstanding personal or business debts. The last thing families need is an enormous tax bill – known as the death tax – from the federal government after a family death.
As any taxpayer knows, the federal government never misses an opportunity to tax income, assets, earnings, or real estate. Family farms, small businesses, and other multigenerational enterprises – which sacrifice and invest their time, talent, resources, and energy into their operations – are often the target of the Internal Revenue Service’s army of auditors.
In my weekly column last week, I outlined my strong opposition to President Biden’s $7.3-trillion budget for Fiscal Year 2025. As I noted, this proposal would hike taxes on our families, farmers, and businesses by $5.5 trillion, leave our country with a $1.8-trillion budget deficit for FY 2025, and balloon our national debt by trillions and trillions of dollars. It must be resoundingly rejected for the good of our fiscal health and financial stability.
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) led a letter to President Biden opposing his proposed tax hikes on family farms and small businesses.
WASHINGTON, D.C. – Last week, U.S. Rep. Randy Feenstra (R-Hull) introduced the Balanced Budget and Accounting Act, which would require the President to submit a balanced budget to Congress.
More than a month after federal law requires, President Biden finally submitted his budget proposal for Fiscal Year 2025 to Congress. The $7.3-trillion price tag alone is reason enough to throw this budget in the trash where the rest of President Biden’s trillion-dollar spending packages should have also gone.
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) issued the following statement on President Biden’s Fiscal Year 2025 budget.
WASHINGTON, D.C. – Last week, U.S. Rep. Randy Feenstra (R-Hull) helped introduce legislation – the Combatting High Inflation Limiting Daycare (CHILD) Act – to help Iowa families cover the skyrocketing cost of childcare by doubling the annual contribution limit for tax-advantaged Dependent Care Flexible Savings Accounts (DCFSAs). The contribution limit would also be adjusted for inflation.
In our free-market economy, Americans should have the freedom to purchase the car or truck of their choice without the federal government putting its thumb on the scale to advance a specific policy preference and distort the market. However, President Biden doesn’t see it that way. He prefers government intervention and costly mandates that support his Green New Deal agenda and further his vision to cripple the American energy sector through executive orders, burdensome regulations, and red tape.
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-IA) and U.S.