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Shining Light on Farm & Food Policy for 20 Years.
Friday, December 20, 2024
Chinese buyers have made another big purchase of U.S. corn for the next harvest as concerns mount over the impact of dry weather on Brazil. The USDA on Monday announced a 1.02 million-metric-ton sale of corn to China for delivery in the 2021-22 marketing year.
President Joe Biden’s proposal to tax capital gains at death accounts for about one-third of the revenue to pay for his American Families Plan, a sweeping package of education, health and child care benefits. That’s according to an analysis of Biden’s tax proposals by the Tax Foundation.
The USDA announced Friday export sales of a whopping 1.36 million metric tons of U.S. new crop corn to China for delivery in the 2021-22 marketing year. The purchase comes amid growing concerns that dryness could stunt Brazil’s second harvest.
President Joe Biden is expected to release a new round of spending proposals this week, plus the tax increases to pay for them. Farm groups have been raising concerns for weeks about those tax proposals in the expectation they will include either the elimination of stepped-up basis or a new “transfer” tax on inherited assets.
This week will be the most important so far when it comes to climate policy. In connection with a global leaders summit that President Joe Biden is holding online Thursday and Friday, the administration is expected to release a new pledge for reducing U.S. greenhouse gas emissions.
President Joe Biden is meeting with a group of Democratic and Republican lawmakers today to build support for his giant $2.7 trillion infrastructure package, the American Jobs Plan.
President Joe Biden is set to announce his infrastructure plan on Wednesday, and it looks like he will also propose the tax increases he wants to use to pay for it. White House Press Secretary Jen Psaki confirmed on Monday that the cost of the infrastructure package would be offset dollar for dollar.
The House this week is expected to clear President Joe Biden’s $1.9 trillion American Rescue Plan after Senate Democrats fought off GOP attempts to gut the package in a marathon debate that went all night Friday to nearly noon on Saturday.
Brazil is the third largest wheat-importing country in the world, and while it’s already a strong customer of the U.S., representatives of American farmers say there’s plenty of room for more business as they continue a campaign to win over more Brazilian millers and bakers who make the country’s bread, cookies, cakes and pasta.
