The following may be attributed to American Farm Bureau Federation President Zippy Duvall: “America’s farmers and ranchers are ready for a tax system that recognizes their hard work and the unique challenges they face while reducing the tax burden that threatens their livelihoods. Thanks to the leadership of the House Ways and Means Committee, we are closer to that goal. …
Global Food Prices Reported Lower
Global food prices dropped in October, led by lower dairy products. The United Nations Food and Agriculture Organization’s monthly Food Price Index averaged 176.4 points for the month of October, down 1.3 percent from September, while still up 2.5 percent from a year earlier. The Index is a measure of the monthly change in international prices of a basket of …
Senate Tax Writer Expects Full Repeal of Estate Tax in Senate GOP Version
A leading Senate tax writer expects full repeal of the estate tax in the Senate GOP version of tax reform legislation after House tax authors took a different path. Senior Senate Finance member and former chairman Chuck Grassley expect committee Republicans to opt for full repeal of the estate tax, versus just an increase in the exclusion. The House GOP …
Farm Bureau Applauds Congressional Tax Reform
The federal tax reform plan coming out of Congress makes major changes to the tax code. Pat Wolff, AFBF senior director of congressional relations, says Farm Bureau is reviewing the plan to ensure the effective tax rate lessens the tax burden for America’s farmers and ranchers. Wolff calls it a bold proposal that she expects to move through Congress quickly. …
Tax Bill Includes One of Agriculture’s Top Goals, with a Caveat
House Republicans are out with their tax bill, and it includes one of the agriculture’s top goals, with a caveat. Republicans plan to eliminate the estate tax. But, in a move that will ease the loss of revenue and help counter Democrats’ criticism the bill favors the rich, the GOP will double exemptions for estate taxes and then end the …
Agriculture Reacts to House Tax Reform Proposal
The House Ways and Means Committee tax overhaul plan released Thursday provides a blueprint for tax reform. The plan is essentially a set of promotional documents, with many details unaccounted for. The documents say the estate tax would be repealed, and that the legislation will lower individual and corporate tax rates. Agriculture groups are reviewing the first draft of the …
Agriculture, Environmental Funding Pitched
Agriculture Commissioner Adam Putnam will ask state lawmakers for $75 million next year to fund a depleted program that helps shield agricultural land from development. Meanwhile, Gov. Rick Scott said Thursday he will propose spending $21 million to help struggling citrus growers reeling after Hurricane Irma. “They have one crop a year. With all the wind and the rain, it …
Farmers Applaud Move to Reform Tax Code
The following may be attributed to American Farm Bureau Federation President Zippy Duvall: “Farm Bureau applauds Congress for its progress in reforming the tax code. This new tax plan moves us closer to a tax system that rewards the hard work and entrepreneurship of America’s farm and ranch families. “Today’s proposal includes expanded, immediate expensing while continuing the business interest …
Secretary Perdue Comments on Tax Reform
Details of the next federal budget are still being worked out in Washington, DC. Once that is done, work is expected to begin on a major tax reform. US Secretary of Agriculture Sonny Perdue thinks the proposed tax law changes will be good for agriculture. That’s Agriculture Secretary Sonny Perdue. From the National Association of Farm Broadcasting News Service. Sponsored …
Farm Profitability Still Down, But Improving
A new survey of bankers shows 82 percent of agricultural lenders reported a decline in farm profitability in the last 12 months. However, the pace of the decline has slowed. The survey produced by the American Bankers Association and Farmer Mac shows 51 percent of agricultural lenders noted an increase in the demand for agricultural operating loans, while there was …