The ‘fiscal cliff’ and ag

If you’re like me, you’re tired of hearing and reading about the fiscal cliff. If you’re like me, you’re still following the issue anyway.

The fiscal cliff refers to a combination of expiring federal tax cuts and government spending cuts scheduled to go into effect Dec. 31. Agriculture has a big stake in how things work out. Higher estate taxes, higher income tax rates and less-favorable depreciation rules are all in play.

If I hear “fiscal cliff” one time too many, I might scream. Until then, I’ll grit my teeth and continue to follow what happens.

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