President Biden celebrated his first 100 days in workplace earlier than a restricted crowd representing the joint session of Congress, mentioning accomplishments but in addition trying forward. Whereas he targeted on immigration and local weather change, there have been indications he would speak taxes. The truth is as Coverage Editor Jacqui Fatka noticed in her current weblog, Biden talked less about taxes than expected.
Nevertheless, there are concepts being floated on the market relating to stepped-up foundation and property tax adjustments, which Fatka also covered recently. We turned to the Farm Progress PANEL to gauge producer ideas on some key concepts, and the solutions had been enlightening. We’ll cowl from the bottom solutions to most answered within the PANEL.
We requested the next query: President Biden laid out his accomplishments for the primary 100 days, and extra. What issues most?
We discovered that solely about 5% of respondents had been in favor of supporting extra training. Given the excessive property taxes utilized in some states to fill that invoice, that will not be a stunning reply. Undecided if federal assist, if handed may make a distinction there. However spending extra on training was not prime of thoughts for PANEL respondents.
About 8% answered that what issues most is paying for these promised packages. There are proposals to lift taxes, however not on these making lower than $400,000, although in agriculture that is a extra sophisticated method than many individuals may think.
A couple of-third of respondents stated “keeping farmers safe from higher estate taxes” is essential. On that rating, despite the fact that there are guarantees to guard farmers, it could be time to get in contact along with your succession plan legal professional. And if you do not have one, think about monitoring one down.
And eventually, greater than one-half of PANEL respondents picked the fourth possibility: “Keeping these proposals from becoming law.” It seems there’s little assist within the nation for the various tax and spend concepts being floated in Washington, D.C. We did get a pair adverse feedback relating to President Biden that we cannot repeat right here. Maybe its time to achieve out to your consultant and senator, regardless of which get together, and make your voice heard.
Because of everybody who responded to this PANEL.
Be part of the PANEL
The Farm Progress PANEL is your likelihood to share your ideas on key points. To participate, begin by signing up for our day by day cellular textual content service Farm Progress NOW. Simply textual content FARM to 20505, then reply to the textual content you get again. Later in one in every of our day by day texts we’ll present details about how to join the PANEL. And due to the respondents for serving to us out.