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Shining Light on Farm & Food Policy for 20 Years.
Friday, April 19, 2024
Farmers will face increases in both income taxes and estate taxes after 2025, if Congress fails to extend expiring provisions of the 2017 Tax Cuts and Jobs Act, according to an analysis by USDA’s Economic Research Service.
The average age of farmers today is 58, setting up a need to adopt new government policies to attract and retain new farmers and protect the agricultural industry’s ability to meet growing world food needs.
Democrats’ massive Build Back Better bill not only protects stepped-up basis, it also includes a long-sought change in an estate-tax provision that could have far-reaching benefits for many farms.
Following an outcry from farm groups and rural lawmakers, House Democrats proposed a tax package Monday that omits President Joe Biden’s proposal to tax capital gains at death.
In this opinion piece, former Rep. Collin Peterson, D-Minn., discusses how family farms and ranches will negatively be affected due to the transfer tax that would have to be paid to use stepped-up basis.
President Joe Biden wants to impose capital gains taxes on inherited assets, with promised protections for farms and other family-owned businesses that continue in operation. The change would help pay for a $1.8 trillion package of social benefits, including expanded child nutrition assistance, health insurance subsidies and free community college.
Farm groups are bracing for a possible effort in Congress to impose new taxes on inherited land and other assets as a way of addressing wealth inequality while raising revenue Democrats will need to fund new infrastructure or social spending.
Some 300 corporations, including some industry giants in the agriculture and food industry, are calling on President Joe Biden to commit the U.S. to cutting its greenhouse gas emissions in half by 2030 from 2005 levels.
President Joe Biden and congressional Democrats are readying their next big legislative push for a $2 trillion infrastructure package that he wants to pay for with corporate tax increases, which likely will make the measure a non-starter for Republican lawmakers and many farm groups.
A monthly survey of the state of mind for producers shows respondents have fairly consistent views about their current status but have growing concern about what lies ahead.