Biden Tax Plan Bad
Thompson says a recent study by Texas A&M Ag analysts found, on average, it would have a devastating impact on family farms and ranches.
“You know, what was telling within that study was of the two percent of the farms that did not see a significant increase in taxes, and that’s basically what it would cost to buy your family farm and ranch back from the federal government, but the two percent of the farms that did not, they didn’t own any land. They leased and rent all their land.”
And Thompson says those who own their land will continue to struggle.
“What we do know is it will increase taxes on farm families that we’ve talked about. It’s going to perpetuate the labor shortage in rural America, and it’s going to significantly raise our deficit across the board because farm families and rural communities deserve so much better than this.”
In the end, Thompson says it will impact everyone.
“Without a robust rural economy, people everywhere, including the cities, including on Pennsylvania Avenue, we’re probably going to wake up dark, cold, and hungry. And once you have food insecurity, the consequences of that are evident when you look around the world.”
Thompson says the hardworking men and women that feed, clothe, and power our nation will be irreparably harmed by these policies.