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The estate tax would be repealed in 2025 (after six years), and the exemption for inherited income would be immediately doubled.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: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
