Farmers say they are concerned about taxes
March 3, 2021 By Amie Simpson Filed Under: 2021 Commodity Classic, 2021 Events, Ag Policy, Ag taxes, News
Farmers are concerned about potential shifts in tax policy.
Purdue University Ag Economist Jim Mintert says farmers surveyed in the latest Ag Economy Barometer are concerned about higher taxes.
“People are telling us that they are concerned about future tax policy, and in particular they’re concerned about estate tax policy,” he says.
Ag Economist Michael Langemeier says changes to the step-up in basis rule would negatively impact the farm sector.
“It would have huge ramifications for production agriculture and small businesses in general if you change that rule related to step-up in basis and so it’s something we’re keeping our eye on,” he says.
Mintert and Langemeier spoke during the 2021 special edition of Commodity Classic. The latest Purdue University/CME Group Ag Economy Barometer, a monthly national survey of 400 US agricultural producers, was released March 2.
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