On Wednesday, Sept. 1 Congressman Jason Smith (R-MO) visited Davis Farm Supply in Perryville.
The Congressman toured the facility and nearby farm and spent time discussing the challenges that farmers and small business owners are facing.
The Biden administration has proposed a stepped-up basis, which would tax all assets above $1 million at the existing capital gains rate, Smith said.
At the same time, the administration has proposed doubling the capital gains rate and allowing the current exemption to the death tax to expire, subjecting many more family farms to this tax. Congressman Smith is the sponsor of the Death Tax Repeal Act, which currently has 147 bipartisan cosponsors.
Davis Farm Supply is based in Perryville and employs 32 people across two locations and sells an array of new and used farming equipment.
Over the years, they have raised thousands of dollars for St. Jude’s Children’s Hospital through their annual sponsorship of St. Jude’s ATV Ride.
“For over six decades, Davis Farm Supply has been passed down from generation to generation, helping farms across southeast Missouri get the products they need to feed our country,” said Rep. Jason Smith. “The last thing they need is to have their legacy taxed after a death in the family. Unfortunately, that’s exactly what the Biden Admin is proposing. We need sensible solutions that empower small businesses like theirs, not a top-down approach from Washington.
