The Biden Administration’s proposed changes targeting business partnerships present a severe risk that threatens to destabilize vital sectors of our economy. Not just in Missouri, but across the entire United States. For a state like Missouri, where agriculture forms a key pilar of our economy, the impact is not just a matter of numbers on a ledger; it affects real lives and livelihoods. As a leader within the Missouri Farm Bureau, I know the implications this would have.
Missouri’s agricultural sector is a $94 billion industry. Family farms heavily rely on business partnerships. These are complicated tax policies that are not just business arrangements. They are the basis for how we plan the future of our small businesses and family farms. The proposed alterations to these tax codes do not consider the unique nature of agricultural businesses, for example, which often require more flexible structures due to the seasonal and unpredictable nature of farming.
It’s important to consider the broader economic implications. Partnerships like the ones that Biden is targeting employ a significant portion of the U.S. workforce – over 12%. Upending the tax structure for these businesses could lead to job losses, reduced economic output, and hindered growth, effects that would ripple across the entire economy. IRS bureaucrats have asserted that this overhaul is necessary to “clamp down on tax evasion.” I’m not sure why targeting family farms is the place to start for that.
We all know that the strength of the American economy is in small businesses and agricultural partnerships. Politicians often discuss how they are the “backbone” of our economy. Owning a small business isn’t easy. Neither is operating a family farm. Creating economic incentives to do so are sometimes why each of these economies are so strong. I am sure that we would have fewer family farms without policies like business partnerships.
I am confident that Congressman Jason Smith will take a stand against these proposed changes. As Chairman of the Ways and Means Committee, his role is pivotal in ensuring that our tax laws continue to support and nurture the businesses that form a crucial part of our economy, especially in Missouri. Our farmers and small business partnerships need protection from big government and IRS overreach.
I wonder when Joe Biden goes out on the campaign trail if he realizes the effects that policies like this will have on regular Americans. I often hear how we all need to pay our “fair share.” The targeting of small businesses by Biden doesn’t seem very fair to me.
Vinnie Clubb is a Republican candidate for MO House District 153.
