Home / News / Policy news / Grassley on election and ag

Grassley on election and ag

DANIEL LOOKER 11/13/2012 @ 3:33pm Business Editor

Senator Chuck Grassley, one of few members of Congress to actively farm, sized up the election results for agriculture Tuesday, saying the voters' choice of president had little effect on the farm bill debate, but it will affect estate taxes, the regulatory environment, and energy policy.

Neither President Barack Obama nor Governor Mitt Romney talked much about the farm bill during the campaign, Grassley told reporters Tuesday. He expects Congress to either pass a five-year farm bill before the end of the year or it will pass a one-year extension of the current law. Grassley favors finishing the farm bill this year, but he said he's not betting on it.

During his campaign, Romney pledged to end the estate tax. At the end of this year it would revert to $1 million, the level before the Bush tax cuts were enacted. 

"I believe it will not go back to $1 million," Grassley said. Those who favor keeping the current level of $5 million will have to fight for it, he said. Grassley said it could go back to $3.5 million (the level of 2009), with the rate rising from 35% to 45%.

On energy policy, Grassley said, "generally I think we're back to the Obama policy, which is encouraging green energy." Grassley said he expects little effort from the administration to boost domestic fossil fuel production.

He expects no relief for businesses from regulatory burdens.

"It's going to be very harmful to the economy and cut down on job growth," he said. 


CancelPost Comment
MORE FROM DANIEL LOOKER more +

A Budget Dream Deferred? By: 03/17/2015 @ 4:50pm Agriculture appears to have dodged a big spending cut in the 2016 federal spending goals released…

Will Ag Go Under Budget Ax? By: 03/16/2015 @ 7:06pm What do the American Federation of Teachers, Camp Ronald McDonald at Eagle Lake, Ducks Unlimited…

Des Moines Water Works Will Go to Court By: 03/10/2015 @ 8:58pm Two months ago, the Des Moines Water Works gave 60 days' notice to 10 drainage districts in…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Planter tips: Seeds
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]