New Bill

New Bill

David Sparks Ph.D.
David Sparks Ph.D.
House of Representative approval of the Presidents Build Back Better Bill means Senate consideration of the measure will soon occur.

A major farm group says the tax provisions in the bill backed better bill just passed by the House would hurt the economy and result in some farmers losing their farms. Speaker2: I just don't think that aligns with the terms and conditions of this bill. Speaker1: Agriculture Secretary Tom Vilsack telling reporters Friday the bill, in its current form, does not eliminate stepped up basis tax provisions. It does add a tax for very high income people, making at least $10 million a year. Speaker2: If you're an individual and you're making $10 million or more. We're going to ask you to pay a surcharge on your Speaker1: Income five Speaker2: Percent. And I doubt very sincerely if you assess a five percent surcharge on the income tax bill of someone who's making $10 million a year that they are going to lose their their farm or their ranch. I just don't think that's going to happen. Speaker1: And Vilsack says the bill actually has provisions Speaker2: Which will accrue to the benefit of virtually every family farmer in the country. Speaker1:Â

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