The House is scheduled to take up the Inflation Reduction Act tomorrow and many in the agriculture industry are wondering what will happen if it goes through.
Senator Chuck Grassley from Iowa says it will have an impact on farmers and it does not come at a great time with the Consumer Price Index reading up 8.5%.
“When you spend more money, you aren’t fighting inflation, you are adding to it. When you raise taxes, can you imagine the taxes that they’re going to raise on manufacturing? Just think of all what farmers have to buy from John Deere and all of the other agricultural implement dealers. You know they want you to believe your taxing corporations but a corporation is just a sheet of paper.”
He expects the price of tractors to go up soon, while farmers face a 300% increase in fertilizer and corn is backing away from its highs.
Related:
Inflation Reduction Act to be voted on tomorrow; Ag CPA breaks down takeaways for producers
There is a mixed reaction among the ag industry with Inflation Reduction Act
Deal Reached: Inflation Reduction Act passes in the Senate
