The Build Back Better plan remains in flux with concerns over costs and policy changes. Russell Group President Randy Russell said Senate Agriculture Committee Chair Debbie Stabenow was able to protect the funding for climate-smart agricultural practices. The tax language ision is also seen as positive. “The ag tax provisions, including the stepped-up basis and some of the changes in capital gains and estate taxes that were being talked about, as of right now are not in this package.” Russell is sensing concern about the spending spree that has been taking place in Washington. The bottomline is being influenced by $1.75 trillion for Build Back Better proposal and $1.2 trillion for the infrastructure bill. “If you add up the six COVID packages that were passed since COVID in mid-March of 2020, we’re going to be looking in the neighborhood of $8 or $9 trillion in total that has been added in about 20 months. For a country that is going to have $30 trillion total debt by the end of this year, that is a serious problem.”
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