Yesterday was a red-letter day for fiscal and monetary proposals with the Republican majority on the House Ways and Means Committee unveiling a new tax reform plan and the White House announcement of a new nominee for chair of the Federal Reserve Board. The committee’s Tax Cuts and Jobs Act included some major reforms sought by agriculture groups, while others are not so welcome. Of relevance to the sector are the following:
The estate tax would be repealed in 2025 (after six years), and the exemption for inherited income would be immediately doubled. The bill preserves stepped-up basis on capital gains, a key provision for long-term capital gains such as realized with farmland and assets. A new maximum tax rate of 25 percent is...
What You Need to Know Today: USDA reports are delayed until Tuesday due to the federal holiday on Monday. Over the weekend, President Trump announced a ceasefire between Russia and Ukraine. Russia warmly welcomed and confirmed this ceasefire by conducting more strikes against Ukraine. Specific...
On Saturday, 10 October, at a campaign rally in Clarksville, Tennessee, President Trump said that the U.S. and Mexico would come to terms on a new trade deal, and he said Canada does not need to be part of the deal. Trump called the coming agreement with Mexico “great” but gave no d...
Key Takeaways: The United States has steadily lost global wheat export market share since the 1970s, falling from the world's leading exporter to a projected fifth place in 2026/27. The rapid expansion of Black Sea wheat exports, driven by improved productivity and export infrastructure, has r...
