Democrats are holding their national convention this week, and thanks to the coronavirus, the event is virtual rather than taking place in Milwaukee as scheduled. While on-line, the party is still discussing its platform for the 2020 election and beyond. One aspect that has concerned many in the farming community, the call to restore estate taxes to historical levels, reversing cuts pushed by Republicans in 2017.
American Farm Bureau Executive Vice President Dale Moore said the average farmer already deals with a litany of tax burdens.
“And then you’ve got the capital gains tax that comes in, on top of all of that. Capital gains is a critical factor when it comes to succession planning for farmers and ranchers, and their families, that go from one generation to the next. So, if the ‘death tax’ doesn’t get you, the capital gains tax would.”
Another concern has to do with the environment. Democrats are calling for the American Ag sector to be the first in the world to achieve net-zero emissions. The Democrats’ platform also calls for limiting foreign ownership of U.S. farmland and sharply criticizes the trade war with China.
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