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Legislative Watch: Biden proposes $6 Trillion budget; USDA budget would increase broadband, research and nutrition funding.
House Agriculture chairman David Scott, D-Ga., is raising objections with the administration s proposal to eliminate stepped-up basis, saying it cannot be borne by the next generation of farmers taking over the land.
Scott wrote in a letter to President Biden, Any increase in inheritance tax for those taking over farm land is untenable and will further strain a farm economy that is just now beginning to recover from the strain of the pandemic.”
He continued: In particular, step-up in basis is a critical tool enabling family farming operations to continue from generation to generation. The potential for capital gains to be imposed on heirs at death of the landowner would impose a significant financial burden on these operations. Additionally, my understanding of the exemptions is that they would just delay the tax liability for those continuing t
<p><span face="times new roman,times" size="3">Today’s budget, which includes the American Jobs and Families Plans, makes the necessary investments in both our infrastructure and our people to ensure the post-pandemic chapter of our history is a strong and prosperous one. Importantly, too, this budget puts our country on a long-term fiscally sustainable path through fair and efficient tax reform.”</span><br /><span face="times new roman,times" size="3">– Secretary of the Treasury Janet L. Yellen</span></p>
Biden’s Taxing Wildfire Policy
After years of devastating wildfire seasons, California is facing a full-on insurance crisis that you can add to the list of its other crises. In this case, homeowners who live in wooded areas the wildland-urban interface, as actuaries and policy wonks insist on calling it are increasingly unable to find home insurance [1] and are stuck paying prime rates for barebones policies in the state-created insurer of last resort known as the FAIR Plan.
The problem stems in part from our cockamamie insurance system, born out of 1988’s Proposition 103 [2] a consumer-activist/trial-lawyer-concocted initiative that limits the ability of insurers to adjust their rates to account for risk. Lawmakers might ignite an even bigger crisis as they consider a bill that would forbid insurers from canceling policies in high-risk wildfire areas. That could lead to a property insurance exodus from the state, as I detailed [3] last month for