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What’s in Biden’s 2022 Budget Proposal for Agriculture?
13.07.2024 - 08:32 / modernfarmer.com / Dan Nosowitz
Last week, the Biden administration released its first annual budget proposal.
The proposal for 2022, totaling some $6 trillion, is a sweeping effort to improve the country’s infrastructure, social services and response to climate change. Seeing as how those improvements are all tied up in food and agriculture, let’s take a look at how the food industry could be affected by this proposal.
First things first: this is a massive proposal and even with effective majorities for the Democratic Party in Congress, the Biden administration would still have to pass two huge infrastructure bills (the American Jobs Plan and American Families Plan). Chris Clayton at DTN Progressive Farmer notes that these bills would involve raising the capital gains tax and capping what’s called the “stepped-up basis” for heirs. Basically, as things stand now, if you inherit something that gained in value during the time the person you inherit it from owned it, that thing is taxed at its current value, not the value it was purchased at. This allows heirs to sell, just for example, farmland that was purchased at a low price and which is now worth much more, and escape having to pay much, or anything, in the way of taxes from the sale. Biden’s proposal would only affect those heirs who inherited stuff worth more than $1 million, but farmland is worth an awful lot of money and some farm groups are very worried about having to pay taxes to sell these valuable properties.
On the other hand, according to an analysis from the University of Pennsylvania, that cap could net the government revenue of around $113 billion, which can be used for all kinds of programs.
As far as the USDA is concerned, the proposal would reduce mandatory spending compared to
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