AFBF: Proposed tax changes by Democrats could impact agriculture
The platform unveiled during the Democratic National Convention calls for restoring estate taxes to historical levels and reducing energy emissions.
Democrats want to make the agriculture sector achieve net zero emissions and reverse the cuts Republicans made in 2017 by increasing corporate taxes. American Farm Bureau executive vice president, Dale Moore says that this could have repercussions for ag.
“You’ve got the capital gains tax that comes in, on top of all of that. Capital gains is a critical factor when it comes to succession planning for farmers and ranchers and their families, that go from one generation to the next,” Moore states. “So, if the ‘death tax’ doesn’t get you, the capital gains tax would.”
As we previously reported, biofuel manufacturing and expanding rural broadband are also on the priority list for the Democrats.