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The estate tax would be repealed in 2025 (after six years), and the exemption for inherited income would be immediately doubled.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: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
