By LARRY MILLER
As I wrote last week the lame duck sessions of both Congress and the General Assembly will convene next week and political action will be fast and furious. The Wall Street Journal is reporting today that President Obama will seek $1.6 trillion in additional revenue, more than double the level he sought in last year’s budget talks with House Speaker John Boehner, who has indicated he will accept new revenue—not higher tax rates—in exchange for structural changes to entitlement programs.
The President said he will continue to push for higher tax rates on the highest wage earners, but left the door open for changes in entitlement programs. Sen. Durbin—who is expected to be re-elected this week to the number two Senate leadership post— continues to promote a deal that would call for $3 in spending cuts for every dollar in new taxes. Talks begin Friday. Estate taxes, capital gains rates, small business expensing and other tax extenders will be part of the “fiscal cliff” discussions.
A decision on what to do with the farm bill during the lame duck session could be made by the end of the week. It is believed that a new five-year farm bill’s best chance of passage would be for it to be included as a “pay-for” in any deficit reduction, fiscal cliff avoiding budget and tax deal. Other options include extensions (either 3-month or 1-year); with a new bill written and passed. AFBF and virtually all agriculture groups are opposed to any extension, but that might change over the course of the lame duck session.
The General Assembly will commence with the first round of the fall veto session on November 26th and we will be working with the legislative leadership and their staff to assess where we stand on several issues. Included in that list will be fracking legislation, pension reform, and the IDOR’s bill to amend the Farm Land Assessment Act.
As a side note, the Illinois Department of Revenue will be making a presentation to the County Supervisors of Assessment regarding the proposed legislation to the Farm Land Assessment Act as a part of the annual County Officials conference. Stay tuned the week of November 25th as I will report where these and other issues stand as we begin the veto session process.
This week families will gather around a table of abundance and hopefully will pause to give thanks for God’s goodness. Sometimes I wonder how I can really express my thanks to God for his grace to me but His word (the Bible) says it is expressed in the way we live. God help me to be the man He wants me to be.
Maybe we can express thankfulness by inviting a less fortunate family to our table or by donating to our Harvest of Help program for families in Franklin County.
Hope to see you at our annual meeting on Monday.
Remember we are farmers working together. Let us know if we can help.
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