On the Ag Side
Te Turf News editors share highlights from the Ag Industry forecasts and business economists' predictions they have been monitoring.
While the U.S. always faces some degree of uncertainty in the wake of a change of administration with the election of a new President, the level has ramped up as Donald Trump prepares to retake the White House this January. Te flurry of Cabinet and key department position selections raised questions for many. Tough the majority of these appointments will require Senate confirmation, Trump’s transition team has floated possible routes to bypassing that confirmation. In addition, there’s the Elon Musk factor, as he and Vivek Ramaswamy, have been tasked with the purge of governmental bureaucracy as the co-leaders of a new entity called the Department of Government Efficiency. All this, along with the multiple repeated promises of pending action on “Day One,” has media sources agreeing on one thing—change will occur.
As this issue goes into the final review before printing, the U.S. Senate and House of Representatives have not yet agreed on a continuing resolution to fund government operations beyond the December 20, 2024, deadline.
Radio Iowa reported on December 13, 2024, that Congress was again at a deadlock about extending the Farm Bill. Neither the House nor the Senate brought a new Farm Bill up for a vote this year. Suppose congress fails to reauthorize the 2018 Farm Bill before the December 31, 2024, deadline when key farm programs expire. In that case, federal farm policies revert to laws passed eight decades ago which economists predict would create chaos in the farm markets.
Another issue rises to the top of concerns on the Ag Side. Te U.S. could be headed for a possible trade war with China and other countries, with the institution of tariffs. In an opinion piece written for the Kansas Reflector, fifth-generation farmer and ag consultant Ben Palen wrote about agricultural competition worldwide. He stated, “Against this backdrop, one must ponder the question of how an isolationist foreign policy and the use of heavy tariffs could possibly lead to anything other than serious adverse consequences for our U.S. agricultural sector.”
An opinion piece in the Lincoln Journal Star addressed President-elect Donald Trump’s long-promised crackdown on illegal immigration with the largest mass
Phillip M. Perry is an award-winning business journalist with over 20 years of experience under his belt. A three-time recipient of the American Bar Association's "Edge Award" for editorial achievement, Perry freelances out of his New York City office. His byline has appeared over 3,000 times in the nation’s business press, and he maintains a website at
www.editorialcalendar.net.
60 TPI Turf News January/February 2025
deportations in the country’s history, noting …plans have yet to be revealed. And it remains to be seen if they’ll survive legal challenges and be implemented. It further noted that, if mass deportations happen, they will damage businesses and undermine local economies, as well as create a humanitarian disaster.
As Jim Wiesemeyer wrote in
www.thedailyscoop.com on November 12, 2024, the appointment of former New York congressman Lee Zeldin to lead the Environmental Protection Agency (EPA) signals a potential shift in environmental policy and the regulatory approach. Wiesemeyer wrote that Trump stated that Zeldin would “ensure fair and swift deregulatory decisions” to “unleash the power of American businesses.” Te administration aims to maintain “the highest environmental standards, including the cleanest air and water on the planet” while pursuing deregulation. For many farmers, the anticipated revision of what they see as excessive or ill-conceived regulations is cause for optimism.
In
IrrigationToday.com on November 26, 2024, Luke Reynolds reported regulatory rollbacks, water infrastructure initiatives, and the fate of incentive programs are all on the table as the industry looks toward 2025. He further reported that Republicans’ gains in the Senate bring a shift in committee leadership that will significantly influence tax policy direction, particularly through the Senate Finance Committee, noting tax reform could impact the sector’s ability to invest and grow. Te Irrigation Association (IA) anticipates renewed support for tax policies that benefit manufacturers and small businesses. Among the IA’s priorities are three key policies: full deductibility of research and development expenses, restoring a favorable standard for interest deductibility, and reinstating full expensing.
Several changes are anticipated in tax policy. Te Trump 2017 tax cuts, due to expire at the end of 2025, will likely be renewed. Te lifetime exemption figure, anticipated to reach almost $14 million in 2025, could be made permanent, good news for farmers facing estate taxes. Te lower corporate tax rate now in effect will likely at least be extended and could be lowered. In addition, 100 percent bonus depreciation might be coming back for farmers so that major purchases such as equipment or buildings could be fully deductible in the year purchased.
Only time will tell how it all unfolds.
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