taxes-ga3fc37be7_1920

(NAFB) – The clock is ticking as Congressional Democrats work furiously to save President Biden’s agenda on infrastructure, social spending, and climate change ahead of key deadlines.

Democratic leaders hope to nail down a final deal within their party on the size, scope and funding for a much reduced “Build Back Better” budget this week and vote on it by the 31st.

It’s a tall order amid party disagreements, disappointments and no GOP support, but one Senate Majority Leader Chuck Schumer argues, “By passing this legislation, we can create good paying jobs for this generation and the next. We can lower costs and cut taxes for American families, while taking overdue steps to meaningfully address the climate crisis.”

But the American Farm Bureau and other farm groups oppose the budget bill, even as they back a separate but politically intertwined infrastructure bill with tens of billions for roads, bridges, pipes, waterways and broadband.

Senate GOP Leader Mitch McConnell reflected the concern over tax changes to fund even a much-reduced social spending package. McConnell said, “These increases would impact taxpayers at every income level. Small business owners and family farmers would feel, yet another pinch. Even the tax hikes that are essentially aimed at Democrats’ favorite punching bag, American industry, would find their way back down to working families.”

Among possible tax changes still on the table, ending stepped-up basis and halving the estate tax exclusion.

Even with carve-outs for a proposed capital gains tax at death, Farm Bureau President Zippy Duval worries, firms supplying producers’ many input needs will simply pass along tax hikes with higher prices.