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Shining Light on Farm & Food Policy for 20 Years.
Tuesday, November 26, 2024
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.
Chapter 12 farm bankruptcies have hit highs not seen for a decade in some states, setting off alarms, with some wondering whether the farm economy could be headed for a crisis similar to the one that occurred in the 1980s. A deeper look at the numbers tells a different story.
Many producers could see meaningful tax cuts next year, but the sweeping tax bill that Congress gave final approval to Wednesday will leave them without the certainty on expensing and estate planning that farm groups were seeking.
