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Shining Light on Farm & Food Policy for 20 Years.
Thursday, November 21, 2024
Congressional Republicans are likely to move quickly to carry out President-elect Donald Trump’s top legislative priority by extending expiring tax provisions and enacting new tax cuts, and some farm bill measures could go along for the ride.
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.
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.
