Impact of COVID-19 on Agriculture

Tax Changes Could be Coming in 2021

News / In The News January 14, 2021

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There is soon to be a new administration in Washington, D.C., and often that means changes in tax policy, reported 95.3 MNC.

“We are expecting to see legislation, maybe big tax legislation, fairly soon in the first six months,” said Pat Wolff, AFBF Senior Director, Congressional Relations. “And the reason for that is the Democrats have talked about some big policy changes in the next Congress. Different parties have different policies, and as I’ve said, the Republicans have spent the last couple of sessions in Congress enacting business-friendly policies. The Democrats have said that they would like to focus more on individuals, and they’re talking about raising taxes on high-net-worth individuals and businesses.”

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Farm Bureau says this week’s Senate Agriculture Committee hearing on cattle markets starts a much-needed discussion. Micheal Clements shares what needs to happen next.

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The American Farm Bureau Federation applauds the U.S. Senate for passing the Growing Climate Solutions Act. The act has 52 cosponsors, which makes it the first major piece of bipartisan legislation that would help farmers, ranchers and forest landowners reduce greenhouse gas emissions and build climate resilience through voluntary, market-driven programs.

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