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Thune, Daines, McConnell, Crapo lead Senate Republicans in urging Biden Administration to drop step-up in basis tax-hike proposal

WASHINGTON U.S. Sens. John Thune (R-S.D.), Steve Daines (R-Mont.), and Mike Crapo (R-Idaho), members of the tax-writing Senate Finance Committee, and Mitch McConnell (R-Ky.) today (July 21, 2021) led the entire Senate Republican caucus in urging President Biden to abandon his effort to impose a capital gains tax increase on family-owned businesses, farms, and ranches. Repealing this part of the tax code would have a devastating effect on multi-generation operations, which could lead to job losses, liquidation, or outright closure. “These [proposed] changes are a significant tax increase that would hit family-owned businesses, farms, and ranches hard, particularly in rural communities,” the senators wrote. “These businesses consist largely of illiquid assets that will in many cases need to be sold or leveraged in order to pay the new tax burden. Making these changes could force business operators to sell property, lay off employees, or close their doors just to cover these ne

Biden administration pushes regulations in favor of farms, meat

View Comments California growers and ranchers counted two big wins this summer that came in the form of an executive order signed by President Joe Biden. In June, Biden signed an executive order calling on the U.S. Department of Agriculture to consider issuing new rules defining when meat can use “Product of USA” labels. It also encourages the Federal Trade Commission to limit farm equipment manufacturers’ ability to restrict the use of independent repair shops or do-it-yourself repairs such as when tractor companies block farmers from repairing their own tractors. Farmers and farmer advocates say the new meat labeling requirements will create transparency for customers, and that endowing farmers with the right to repair their own machinery will make a big difference for small or isolated farms. 

Thune, Daines, McConnell, Crapo Lead Entire Senate Republican Caucus in Urging Biden Administration to Drop Step-Up In Basis Tax-Hike Proposal

Thune, Daines, McConnell, Crapo Lead Entire Senate Republican Caucus in Urging Biden Administration to Drop Step-Up In Basis Tax-Hike Proposal
dakotawarcollege.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dakotawarcollege.com Daily Mail and Mail on Sunday newspapers.

A consolidated market leaves ranchers wondering what s next

A consolidated market leaves ranchers wondering what s next
agweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from agweek.com Daily Mail and Mail on Sunday newspapers.

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