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Continued weakness in commodity prices is certainly showing up in farmers’ balance sheets, and it’s also apparent in tax collection trends in agricultural states like Iowa, according to an economist who closely monitors the Midwest economy.
Much of the focus last week was on the budget process. Several of the 10 separate budget bills are making their way through their assigned subcommittees and full committee.
“I don’t know any farmers who work in a perfect environment, free from any risks or elements beyond their control,” wrote AFBF President Zippy Duvall in his May Beyond the Fencerows column. “Sober reminders are all around us these days. From raging wildfires and nonstop rains to the challenging farm economy, many farmers and ranchers are doing their best to hold on for better days. Agriculture is not a business for the faint of heart—it takes a lot of faith and perseverance, even in the best of circumstances.
America’s farmers and ranchers need a flexible tax code that gives them freedom to both grow and adapt quickly to changes beyond their control, AFBF told Congress on Wednesday, (April 05, 2017).
As congressional lawmakers turn their attention to taxes, farmers and ranchers are urging them to include estate tax repeal in any tax reform legislation they consider this year.
The House and Senate last week released their joint budget target for fiscal 2018 at $7.245 billion.
Farmers in Iowa and around the country have a lot at stake as Congress pivots away from health care and begins to focus on reforming the nation’s tax code
Last week marked the end of the second funnel period at the Iowa Legislature.
Sarah Rickelman, a Farm Bureau member from Black Hawk County and a manager at Degener-Juhl Farms in Hudson, testified last week in Washington, D.C., before the Subcommittee on Agriculture, Energy and Trade for the U.S. House Committee on Small Business.
Iowa county assessors are currently in the process of mailing new assessment notices for all classes of property.