JBS Ransomeware Attack and Ag Chair Scott Warns of Biden's Estate Tax
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**As pastures continue to dry out, dairy farmers and livestock ranchers say they may need to downsize their herds, some already doing so.
Along California’s North Coast, for example, ranchers say they must haul water and buy hay for their animals, because ponds and grasses won’t sustain them.
The cost for such measures can prove prohibitive, forcing ranchers to sell animals earlier than they would prefer.
**One-fifth of U.S. beef processing capacity was temporarily knocked out after hackers attacked JBS, the world's largest meat producer, on May 30th.
The ransomeware attack, which the FBI says was perpetrated by REvil, a Russian-speaking gang that’s made some of the largest ransomeware demands on record in recent weeks, affected the JBS's servers in Australia and North America, shutting all JBS beef plants down on Tuesday.
Because most facilities were back up on Wednesday, there likely won't be any significant impact on ranchers or consumers.
**House Ag Chairman David Scott warns the Biden administration could “impose a significant financial burden” on farm families with his proposal on capital gains taxes, saying any increase in estate taxes “for those taking over farmland is untenable.”
www.agriculture.com reports, Scott is one of the highest-ranking congressional critics of the president’s proposal to end the practice of assessing assets, including land, at their current value when passed down to heirs.
www.agriculture.com/news/business/shield-farmers-from-higher-taxes-for-biden-projects-says-house-ag-chair
