President Joe Biden’s proposal to eliminate stepped-up basis and tax capital gains at death has run into opposition from a key Democrat. The chairman of the House Agriculture Committee, Georgia Democrat David Scott, says the tax plan could hurt farmers even though the tax liability would be deferred as long as a family farm stays in operation.
Farm groups are stepping up the pressure on Congress to reject President Joe Biden’s proposals for increasing taxes on capital gains. More than 40 organizations have signed a letter to congressional leaders, saying the proposals threaten the transition to a new generation of farmers.
USDA has announced the addition of four individuals to staff position, and Lesly McNitt is leaving the National Corn Growers Association and joining the Democratic staff on the House Agriculture Committee.
Senate Agriculture Chairwoman Debbie Stabenow says that President Joe Biden’s $2.7 trillion infrastructure plan is “woefully inadequate” when it comes to funding for climate-friendly farming practices and that she's pushing for a major increase in funding for conservation programs.
The House Agriculture Committee is working on a bill to help Black farmers increase their market share by providing tax incentives to suppliers to buy their products, committee chairman David Scott, D-Ga., said on a webinar Friday on diversity and inclusion in agriculture moderated by Agri-Pulse.
House Republicans introduced a slate of bills Friday they billed as "natural solutions" to climate change and an alternative to Sen. Debbie Stabenow's soon-to-be-reintroduced Growing Climate Solutions Act.
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.
Agriculture Secretary Tom Vilsack pledged to the House Agriculture Committee to “root out” systemic racism and barriers at USDA that prevent Black and other socially disadvantaged farmers from receiving the same level of assistance that has historically been available to white farmers.