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Shining Light on Farm & Food Policy for 20 Years.
Thursday, August 15, 2024
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.
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’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.
President Joe Biden today is proposing a $1.8 billion package of spending on child nutrition and other social needs that would be paid for in part by new taxes on inherited assets. The president’s plan promises to protect family-run farms from the new taxes as long as the farms stay in operation.
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.
Lawmakers, lobbyists and farm groups are anxious for the Biden administration to take its first concrete steps to begin negotiating international trade agreements and reform at the World Trade Organization to improve international access for U.S. goods as well as rein in China’s expanding global influence.
Agriculture Secretary Tom Vilsack denies that there is any effort by President Joe Biden to reduce meat consumption in order to meet the new U.S pledge to slash greenhouse gas emissions.