2024 U.S. Election Insights for Agriculture Released

On September 25, 2024, The Directions Group released a detailed report analyzing the implications of the upcoming U.S. election on agriculture and agribusiness. This report aims to provide an impartial evaluation of various policy scenarios that could emerge, helping stakeholders identify potential opportunities regardless of the election outcome. Key areas of focus include regulatory agendas, budget policies, tax reform, trade, sustainability, and the Farm Bill. The report highlights the necessity for a new tax bill in 2025, as the current legislation is set to expire. Analysts predict that the new tax code will require budgetary offsets, impacting agriculture significantly, particularly concerning tariffs and estate tax. The estate tax exemption is expected to decrease from $13.6 million to $5 million, while the rate remains at 40 percent. Trade policy is another critical area of concern, with expectations of continued tariffs and retaliatory measures affecting agricultural exports. The report emphasizes the differing positions of political parties on tax reform, which could lead to significant changes for agricultural businesses and producers. To further discuss these findings, The Directions Group will host a public webinar on October 1, 2024, featuring experts who will delve into the factors influencing agricultural policy for 2025. This analysis is crucial for producers and ag organizations to prepare for potential changes in the political landscape and their implications for the agricultural sector.