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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, July 31, 2024
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.
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.
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.
After making their case to the Supreme Court, biofuel industry officials are expressing confidence that the justices will agree to restrict the issuance of small refinery exemptions.
Supreme Court justices on both sides of the ideological spectrum expressed skepticism that oil refiners are legally eligible for biofuel exemptions even if previous waivers have lapsed.
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.
Farm groups are bracing for President Joe Biden to propose higher taxes on inherited assets and capital gains this week, while the Supreme Court takes up the authority of EPA to exempt refiners from biofuel usage requirements.
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.
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