Beef Demand Strong and Biden's Inheritance Tax
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The economic reopening of the country appears to be contributing to strong demand for beef.
An American Farm Bureau economist says restaurants and other food-service establishments have been trying to secure beef supplies in anticipation of pent-up demand.
Grocery stores are also competing for beef supplies, because more people may now be more comfortable preparing different cuts of meat after the pandemic.
**Farmers could face huge tax bills if President Biden raises capital gains tax rates and eliminates a loophole for inherited assets such as farmland.
Senate Ag Chair, John Boozman of Arkansas tells www.agriculture.com farmland values have increased by an average of over 360%, or nearly $2,500 an acre, since 1990, which would likely cost farmers and ranchers steep capital gains taxes upon sale of an inherited asset.
The proposals are unpopular in farm country and with some Congressional Democrats, including House Ag chair David Scott.
www.agriculture.com/news/business/biden-tax-plan-puts-us-farms-at-risk-says-boozman
**The USDA has unveiled a new grant program to help rural communities create good-paying jobs and support new business opportunities in high-growth fields.
Rural Innovation Stronger Economy, or RISE, is intended to help them identify and maximize local assets and connect to networks and industry clusters within their region.
The USDA’s Karama Neal says this RISE program will ensure critical funding and support long-term, sustainable economic growth in rural communities and regions that need it most.
