Farmers may benefit from Bush tax plan
Agriculture Secretary Ann Veneman said Tuesday that farm families would get significant tax savings under the jobs and economic growth plan put forth by President Bush.
Veneman used an appearance in Washington with House Agriculture Chairman Bob Goodlatte, R-Va., to tout the tax plan, which is being considered by Congress.
Farm families could save a total of $4 billion in taxes for this year, if Congress and Bush approve the plan.
"Through this plan, the president hopes that by the next tax day, millions of Americans will be able to keep more of their own money to invest and spend," Veneman said.
Under the presidential proposal, 85 percent of farmers and ranchers would qualify for savings including $2.3 billion from accelerating reductions in income-tax rates, marriage penalty relief and the increased child credit.
Another $1.3 billion would come from eliminating the double taxation of dividends, and extra savings from increased small business expensing, making 90 percent of all farm machinery and equipment tax deductible.
"It would return much needed benefits to all taxpaying Americans, especially farmers and ranchers, and make April 15 a less taxing experience," Veneman said.
"I urge members of Congress from both parties to work together to pass the president's plan," she said.
Officials say a farm family of four with an adjusted gross income of $80,000, including $37,500 in on-farm income and $2,200 in taxable dividends on which corporate taxes were already paid, would face federal income taxes of $9,886 under existing laws, although child tax credits could drop that to $8,666.
But if Bush's dream were to become reality, their taxable income would drop from $59,850 to $56,100. With all possible tax credits applied, their federal income taxes would drop to $5,735.
Cow manure means cash for dairy farmer
A Wisconsin farmer says he has generated up to $300,000 in extra income from the manure his 725 cows produce.
Kyle Gordon of Nelsonville, Wis., who owns Deere Ridge Dairy with his father, installed a manure digester to create methane and generate electricity 14 months ago. Alliant Energy, which supplies electricity to central Wisconsin, owns the methane-powered generator and pays the Gordons about $15,000 a month for the power produced.
Gordon told a Manure Biogas Symposium in Fond du Lac the farm no longer spends $60,000 a year on sand for bedding because it uses the solids left after the manure has been digested for that purpose now. He also sells 50 tons of digested, dried manure each month.
An additional saving comes from the fact that the anaerobic digestion kills weed seeds, reducing the need for herbicides.
(by E.W. Kieckhefer)
Officials pleased with organic product change
A Colorado-based holding company that markets organic foods brands was pleased that Congress voted to approve a measure repealing provisions of federal law that weakened organic labeling requirements.
Horizon Organic Holding Corp. officials said Tuesday that the House and Senate acted properly in supporting an amendment that repealed language changing what foods could receive the Agriculture Department's organic seal.
At stake were provisions of federal law approved last year that allowed organic ranchers to feed their livestock less than 100 percent organic feed, while still labeling the resulting products organic.
Sugar association gets new president
The American Sugar Association has a new president.
Andrew Briscoe III was chosen to head the organization, which represents cane growers and refiners in the United States, along with sugar beet growers and manufacturers.
Briscoe was formerly vice president of the Salt Institute, and officials with the sugar association said they chose him because of his strong nutrition and food policy background. He is a graduate of Texas A&M University.
Feds improve nutrient database
The Agriculture Department has made changes to its National Nutrient Database to make it easier for people to access through the Internet.
Officials said they devised a user friendly, searchable version of their database to make information about nutrition and physical activity more easily available and to help try to improve the overall health of the people of the United States.
"The accessibility of the database will make it easier for consumers to make healthy choices by providing important information to personal computers," Agriculture Secretary Ann Veneman said. It can be found at nal.usda.gov/fnic/foodcomp.
Grains up on CBOT
Grain futures were mostly higher at the close of activity Tuesday on the Chicago Board of Trade.
Soybean futures were up slightly on technical buying.
Corn futures rose due to the influence of soybeans, while word of good progress with planting of the crop also helped to boost prices.
Wheat futures increased due to weather conditions, while oats futures also received a boost.
The prices:
Soybeans: May 6.10 1/2 up 2 3/4, Jul 6.10 up 2 3/4, Aug 5.96 up 2 1/2, Nov 5.34 1/4 up 1 1/2.
Corn: May 2.41 3/4 up 2 1/2, Jul 2.42 1/2 up 2 3/4, Sep 2.41 up 2 1/2, Dec 2.41 1/4 up 3 1/4.
Wheat: May 2.86 up 5 1/4, Jul 2.91 1/4 up 6, Sep 2.96 up 5 1/2, Dec 3.06 3/4 up 5 3/4.
Oats: May 1.85 1/2 up 4 1/2, Jul 1.58 1/4 up 3 3/4, Sep 1.46 unch, Dec 1.46 up 1/4.
