The American Farm Bureau Federation (AFBF) is not giving up on a virus stimulus deal between the White House and Hill Democrats, who now want to meet with President Trump after he issued executive orders to provide aid. AFBF Executive Vice President, Dale Moore, says they continue to push for a stimulus deal and the $20 billion for agriculture included in the Senate’s HEALS Act.
“We believe it’s going to be some kind of agreement, while we continue to work with the resources that Congress has provided, that the president has put in play, relative to previous acts.”
President Trump told reporters there is extra money, after signing executive orders Sunday for more unemployment and other aid, but not for agriculture. But he did note that they are looking further at additional tax cuts, including income tax relief, income tax cuts and capital gains tax cuts. Something Moore says is especially important for producers.
“For livestock, particularly for the seedstock producers, breeding livestock…so, moving those capital assets, selling them—and buying them—the back and forth that goes on. And, certainly, capital gains is a critical factor when it comes to succession planning, when it comes to farmers and ranchers, and their families, as it goes from one generation to the next.”
Also still important for agriculture is estate tax repeal. The tax law that President Trump signed in December 2017 did not repeal the tax, but doubled the amount exempt instead, since Democrats opposed full repeal as a tax break for the rich. The exemption allowance expires after 2025.
(From the National Association of Farm Broadcasters)