The House Agriculture Committee began a series of hearings in advance of writing legislation to reauthorize the Commodity Futures Trading Commission (CFTC). The agency's statutory authorization expires at the end of the fiscal year.
The Ag Minute: Now Is Not the Time to Raise Taxes
Tamara Hinton (202) 225-0184
WASHINGTON – This week during The Ag Minute, guest host Rep. Randy Neugebauer discusses how every American farmer, family, and small business owner can expect automatic tax increases on January 1 unless the Democratic leadership takes up this issue in Congress and considers legislation that would extend current tax rates. Rep. Neugebauer recently introduced a bill, H.R. 4746, the Taxpayer Certainty Act, that would extend tax relief to families, farmers, and rural business owners in order to stimulate the economy and create jobs.
Click here to listen to The Ag Minute. The transcript is below.
"With the economy slow to recover, farmers and ranchers know this is the wrong time for the government to raise taxes. If Congress fails to act, taxes will increase by $3.9 billion for all taxpayers on January 1, which means the average American family can expect over $1,000 more in taxes.
"These automatic tax increases hit farm and ranch families especially hard. Right now, the 'death tax' has been eliminated, but come January, it will be back to 55 percent. That means the government could take more than half the value of a farm or ranch before it is passed on to the next generation of producers.
"This is why I introduced H.R. 4746, the Taxpayer Certainty Act. This bill would prevent the return of the marriage penalty, the death tax, and higher income and capital gains tax rates.
"Many of my colleagues have signed on to this bill.
"Some in Congress think only certain taxpayers should be protected from these looming tax hikes. But, allowing taxes to increase for some taxpayers, many of whom will be family farmers and rural small businesses, penalizes those trying to grow the economy and create jobs.
"We can’t solve the government’s deficit problem by asking farm and ranch families to send more of their hard-earned dollars to Washington. The solution is less government spending.
"It’s time for all taxpayers – and the economy - to have certainty that taxes will not increase year."