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Shining Light on Farm & Food Policy for 20 Years.
Saturday, December 21, 2024
Vice President Kamala Harris and former President Donald Trump are offering far different tax plans that would have significantly different impacts on agriculture and on federal budget deficits, according to analysts.
Leading advocates for former President Donald Trump and Vice President Kamala Harris clashed over trade, immigration and tax policy during an informal debate Monday.
The Republican Party’s 2024 platform, led by former President Donald Trump’s campaign, calls for revoking China’s trade status, reiterates his proposal for across-the-board tariffs on imported products, and recommends making the 2017 tax cuts permanent.
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.
