WCA Joins Suit Over Capital Gains Tax

An agricultural group has put its name on a lawsuit opposing the new capital gains income tax in Washington. The Washington Cattlemen’s Association and the Building Industry Association of Washington filed a second amicus brief Monday opposing the state’s tax on capital gains. The Washington’s constitution currently bans an income tax, a ban that has […]

Ag Lawmakers Warn Of Potential Harm In Spending Bill

Sweeping tax changes for Ag are included in the Democrats’ massive social spending bill, which could soon be headed to the House floor. Supporters of farm country said this week the best news for agriculture is that House Democrats dropped the president’s plan to impose a capital gains tax on producers at death. The idea […]

Duval Farmers Need Stepped-Up Basis To Remain

American Farm Bureau President Zippy Duval pushed back against the Biden Administration’s stance that most small family farmers will escape a proposed capital gains tax to replace the stepped-up basis. Duval disputed the White House’s claim that a $2 million per couple exclusion on the gain on farm assets and that passed onto children, will […]

Lewison: Capital Gains Tax Will Have A Direct Impact On Washington Farmers

During the 2021 legislative session, Washington lawmakers passed a new capital gains tax; a tax that will be challenged in court. Pam Lewison with the Washington Policy Center said with no exemptions for farm lands, the tax will have severe impacts on producers statewide. “Anyone who tracks the value of farmland should be well aware that $250,000 is […]

May Ag Economy Barometer Tumbles

The Purdue University/CME Group Ag Economy Barometer tumbled significantly in May, dropping 20 points to an index reading of 158. That marks the lowest point for the survey since September. Producers were less optimistic about both the current conditions and the future of the agricultural economy. The potential for changing tax rules and rising input […]

NCBA: Administrations Tax Proposal Threatens The Viability Of Family Farming

The National Cattlemen’s Beef Association says President Biden’s proposed new capital gains tax at death would be devastating for cattle producers. NCBA’s Danielle Beck said the taxes proposed to pay for massive infrastructure and social spending “threaten the viability” of family farming and cattle operations,  especially a new tax on capital gains at death that […]

President Biden’s Tax Proposal Concerning For AFBF

A trio of new tax hikes for farmers and ranchers, that’s how the American Farm Bureau’s tax adviser describes President Joe Biden proposal to pay for infrastructure and social packages. During last week’s joint session of Congress, the President said: “We’re going to get rid of the loopholes that allow Americans to make more than […]

AFBF Opposes Elimination of Stepped-Up Basis and New Capital Gains Taxes at Death

American Farm Bureau Federation President Zippy Duvall says the organization objects to a proposal by several lawmakers to tax unrealized capital gains at death and roll back the stepped-up basis on those capital gains. Duvall said, “Taxing capital gains when a loved one passes away would have a devastating impact on farm and ranch families.” […]

Schoesler: Farmers Need To Be Skeptical Of Capital Gains Tax

Despite being rejected by voters multiple times, lawmakers in Olympia are looking at putting a capital gains tax on the books in Washington. What impact would such as tax have on the farming community across the Evergreen State? State Senator Mark Schoesler, a wheat farmer from the Ritzville are, called the capital gains idea a […]