House Ag Committee advances ag spending bill
The House Ag Committee passed its ag spending bill out of committee this morning along a party line vote.
Debate over the potential for damaging taxes on farmers got heated during a House Ag Committee hearing on the budget.
Minnesota Congressman Jim Hagedorn, a Republican, said any removal of stepped-up basis would be “a killer.”
“It’s going to contribute more to the war on agriculture that’s being waged by the Biden administration and the Democrat party. I’m going to be as blunt as that.”
But Iowa Congresswoman Cindy Axne, a Democrat, took issue with Hagedorn’s assessment as members debated the proposed ag budget which she says is a huge opportunity for agriculture.
“To sit hear and listen to my colleagues on the other side of the aisle call this a war on agriculture just really shocks me when I see what is being put in here that really will change the face of opportunity for farmers in my district.”
According to the Wall Street Journal, a document with the Democratic revenue options makes no reference to Biden’s proposed transfer tax but includes options for raising the corporate income tax and a 3-percentage-point surtax on individual incomes above $3 million.
The conservation portion of the spending bill was not included but Chairman Scott says it will be in the package in final debate.