Farmers’ tax liability to rise as tax breaks expire in 2025
Farmers would face an increased federal tax liability of billions of dollars following the expiration of Trump-era tax breaks in 2025, said USDA economists. The biggest impact, estimated at a combined $4.5 billion, would come from reduced income tax rates on individuals, an increased standard deduction, a cap on the deduction for state and local taxes, and the elimination of the personal exemption.
House panel targets farmland sales to foreign adversaries
To protect U.S. farmland, the government would collect a 60-percent excise tax on purchases by foreign adversaries — citizens and companies from China, Russia, Iran, North Korea, Cuba and Venezuela — under legislation approved by the House Ways and Means Committee on Tuesday. The provision was wrapped into a broader package that would repeal many of the green energy incentives that were created by the climate, health and tax bill last summer.