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Lower agricultural commodity prices are contributing to a decline in net farm income in 2024. This, combined with higher input costs, fewer government payments, and rising interest rates, is leading to a drop in net farm income. In 2024, net farm income is predicted to follow a similar pattern of decline. per bushel in 2023/24.
On the gate hangs an 18-inch-long pallet board with the words “Mad Farm” painted in green. The quarter acre I steward in Northeastern Pennsylvania is, I hope, an incarnation of this contradiction. It has reified the value I place on this farm/garden as a place of connection.
If enacted with no graduated rates, this would result in an overall 87% tax increase for many farm corporations from the old 15% rate on the first $50,000 of taxable income to 28%. Let’s take a look at a quick example: Assume ABC partnership was formed in 1940 and owned 1,000 acres of land in the California San Joaquin valley.
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