Ag Secretary Tom Vilsack says that the Build Back Better bill, which passed the House on Friday, will not harm farmers.
The bill contains $80 billion dollars for agriculture, mostly in the form of combating climate change. It does not include any changes to stepped-up basis which the ag community had fought.
However, some groups say that there are enough hidden taxes in the bill that will negatively impact agriculture. Secretary Vilsack told reporters late Friday that the legislation does add a tax to people making more than $10 million dollars a year.
“If you’re an individual and you’re making $10 million dollars or more, we’re going to ask you to pay a surcharge on your income... and I doubt very sincerely if you assess a 5 percent surcharge on the income tax bill of someone who’s making $10 million a year that they are going to lose their farm or their ranch,” Vilsack states. “I just don’t think that’s going to happen.”
The bill faces an uphill battle in the Senate, and it has mixed reviews from the ag community.
The Farm Bureau says that it will do more harm to rural America than it will benefit agriculture. The National Corn Growers Association says that it will not take a public stand until it sees a final bill.
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Rep. Feenstra: farmers could be unfair target of social spending bill
Lawmakers are looking for Build Back Better compromise