Action may be limited in Congress, but it is full speed ahead for President-Elect Trump. He has put forward several nominations for his cabinet in recent days, with most expected to be an ally for agriculture.
On his pick to lead the EPA, he says former New York Congressman Lee Zeldin will tackle some major de-regulation projects, which is welcomed news for ag groups like the Farm Bureau. However, Zippy Duvall says Administration changes can be tricky, and he is hoping a new White House will bring certainty to the ag community.
“The back and forth between administrations is harmful to farmers. They need certainty in that area and need fairness. And, of course, we need to go back to the original law, the intention of what the original law was. And if we do that and give our farmers clarity and certainty, we’ll be able to abide by that.”
Expiring tax cuts are also top of mind. While in his home district before the election, Oklahoma Representative Kevin Hern spoke with farmers in his region. He found that people are concerned about the upcoming tax break sunset, and what that could mean for their operation.
“People are concerned about the expiring of tax codes, and what that does to be able to use estate planning, to be able to hand down farms, because if we have an expiration, then basically what’s going to happen is we’re going to have people having to sell part of their farm to pay the taxes. In addition to that, had we had Kamala Harris, and Democrats are still in place who want this, is to have taxation on unrealized gains, which is very problematic, the increase of value in farmland.”
Hern says he is also looking forward to other proposed tax breaks, including taking the corporate rate down from 21 percent to 15 percent. He says he is confident the new Administration will reward American companies for keeping their business here in the United States.
