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Shining Light on Farm & Food Policy for 20 Years.
Friday, December 20, 2024
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.
Representatives of the United States, Mexico and Canada sit down to hash out trade disagreements this week, while President Joe Biden continues discussions with Republicans on an infrastructure package.
One of President Joe Biden’s tax proposals to address economic inequality while raising new revenue for domestic spending priorities would make it harder for farmers to use like-kind exchanges to defer taxes when they sell land to acquire other acreage.
President Joe Biden tries this week to sell congressional Republicans on his massive spending plans and tax proposals, while his nominee for the No. 2 position at the Agriculture Department moves closer to a final Senate vote.
Democrats representing heavily agricultural districts are urging House leaders to fully exempt family-owned farms from President Joe Biden’s plan to tax appreciated assets at death.
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.
Some farmers may have to start preparing for higher taxes if Joe Biden takes office, but much depends on the outcome of the elections — in particular, whether the Democrats also can take the Senate and retain the House, which could provide the party the political boost to make big changes.
WASHINGTON, Oct. 25, 2017 - Congressional Republicans are preparing to roll out a package of tax cuts with hopes of pushing the bill through at least the House by Thanksgiving. There is no higher priority this Congress for the GOP. Republicans see passing tax cuts as vital to their chances of maintaining control of Congress in 2018.
