John Thune Touts Provisions For Farmers And Ranchers In Big Beautiful Bill

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During remarks on the Senate floor Tuesday, Senate Majority Leader John Thune (R-SD) spoke about provisions included in the Big Beautiful Bill for farmers and ranchers.

Transcript

00:01Madam President, I ask unanimous consent that the quorum call be suspended.

00:05Without objection.

00:07Madam President, the last few years have been some of the most challenging and recent memory

00:12for America's farmers and ranchers.

00:14Agriculture is already a challenging way of life.

00:18But in the past few years, it has been made more difficult by higher input costs,

00:22higher interest rates, disease, and natural disasters.

00:27And it's left more than a few producers wondering about the future of their operations.

00:32Madam President, earlier this year, I promised that farmers and ranchers would be a priority

00:36for the new Republican majority.

00:38And thanks to Senator Bozeman's leadership and the work of the Agriculture Committee,

00:42we've addressed some of the farmers and ranchers' challenges head-on in the One Big Beautiful Bill.

00:49And not just with short-term patches to get through the season.

00:53We've made lasting reforms to help get American agriculture firing on all cylinders again.

00:58Madam President, that starts with the Farm Safety Net.

01:01The One Big Beautiful Bill reauthorizes commodity programs through 2031

01:05and raises reference prices for every covered commodity.

01:09In recent years, reference prices haven't even covered increases in input costs.

01:14But thanks to this bill, commodity program reference prices will more closely reflect the actual market conditions

01:20that farmers are dealing with.

01:22We also included a voluntary base acre update for three programs.

01:27The first, in a number of years, making 30 million acres available,

01:31so these programs are based on current planted acres.

01:35And that's just on commodity programs.

01:38The One Big Beautiful Bill also bolsters crop insurance, the cornerstone of the Farm Safety Net.

01:43And it includes my bill to extend crop insurance support for beginning farmers from their first five years of operation to their first ten years.

01:52Madam President, we also addressed the needs of livestock producers.

01:55We improved the Livestock Indemnity Program, covering 100% of losses for animals lost to predation

02:02and 75% for those lost due to weather or disease,

02:06plus a supplemental payment for loss of unborn livestock,

02:10all of which will provide peace of mind for ranchers and other livestock producers when losses strike.

02:16We also reduced the number of weeks of drought necessary to trigger payments from the Livestock Forage Disaster Program.

02:23Now those payments can begin after four consecutive weeks of drought,

02:27and they continue if the drought persists into a second month.

02:32And our bill makes critical investments in disease prevention and preparedness efforts.

02:36An issue that's been national news is things like the bird flu, the new world screw worm,

02:43and African swine fever have threatened livestock.

02:46Madam President, there's a lot more in our bill to support agriculture

02:50and promote a strong and secure food supply for our country.

02:53The One Big Beautiful Bill bolsters the dairy margin coverage program for our dairy farmers.

02:58It improves support for honey bee producers when they suffer losses.

03:02It invests in conservation programs that support wildlife habitats,

03:06like those that support South Dakota's wild bird populations.

03:09And it supports research at agriculture research institutions

03:13and promotes trade opportunities for agricultural commodities.

03:16Madam President, this bill also enables farmers and ranchers to make critical investments in the future of their operations.

03:22Agriculture producers will benefit from the individual and small business tax relief in this bill.

03:27Our bill makes permanent the lower tax rates from the Tax Cuts and Jobs Act,

03:32increases the standard deduction and the child tax credit,

03:35and adds a bonus deduction for seniors, which means lower tax bills and permanently.

03:42And many farmers and ranchers will be able to claim the 199A small business deduction,

03:47which frees up more cash for them to invest in their operations.

03:51Plus, full expensing.

03:53Now, a permanent feature of the Tax Code will allow them to deduct the full cost of new equipment the year they start using it.

04:00That's good news.

04:02Whether you need a new tractor or combine or you're working to build the farm of the future with precision technology.

04:08Madam President, farming and ranching is more than just a job.

04:12It's a way of life.

04:15And most farmers and ranchers I know dream about the next generation keeping that way of life going.

04:22Thanks to the one big beautiful bill, more farmers and ranchers are going to be able to stay in the family.

04:28Our bill raises the death tax threshold, which protects a lot more farms and ranchers from this flawed tax.

04:36It means farmers and ranchers won't have to worry about the death tax eating up what they spent a lifetime building.

04:43It means they won't have to spend time and money on complicated estate planning to ensure their operation stays intact after they die.

04:50And it means their kids won't have to sell all or part of the family farm just to settle the tax bill.

04:57Madam President, agriculture is a tough way of life.

05:00It's filled with uncertainty and risk.

05:04But we depend on the men and women who work hard every day to produce the food, fuel, and fiber for America and for the world.

05:14And we owe them support through the challenges that come with this work.

05:19Madam President, I'm proud that the one big beautiful bill delivers for them.

05:25Madam President, I yield the floor and I suggest the absence of a forum.

05:30Clerk will call the roll.

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