Nonetheless on the lookout for infrastructure deal

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Global Tax Deal Considered

"Thanks to the dedication of our IT professionals, operational teams, cybersecurity consultants, and the investments we made in our systems, JBS USA and Pilgrim & # 39; s quickly recovered from this attack on our company, our team members and the food supply chain . " “Said Andre Nogueira, CEO of JBS USA. “The criminals never had access to our core systems, which greatly reduced the potential impact. Today we are fortunate that all of our facilities around the world are operating at normal capacity and we are focused on living up to our responsibility to provide safe, high "quality food."

The company said it had cybersecurity protocols enabled, including voluntarily shutting down all of its systems to isolate intrusion, limit potential infection, and preserve core systems. In addition, the company's encrypted backup servers, which were not infected during the attack, allowed operations to resume earlier than expected.

"We would like to thank the White House, the USDA and the FBI for their assistance in resolving this situation quickly," said Nogueira.

ITA delays provisional determination of imports of organic soybean meal from India

The International Trade Administration (ITA) will postpone the deadline for a preliminary determination in the countervailing duty (CVD) investigation on imports of organic soybean meal from India.

The investigation opened on April 20 and the preliminary decision was originally due on June 25. The petitioners in the case requested that this provisional decision be postponed and the ITA has now set it for August 30th.

According to a notice published in the Federal Register, the request was made to "give the trade enough time to adequately analyze all alleged subsidies that the defendants received during the investigation period".

The final determination is due 75 days after the preliminary determination has been completed.

Washington Insider: Still looking for infrastructure deal

President Joe Biden will meet again Friday with Senator Shelly Moore Capito, R., W.Va. meet while the two try to negotiate a deal on an infrastructure package. But Bloomberg reports that the clock is ticking and at least one key lawmaker, Rep. Jim Clyburn, D., S.C., believes the effort must be completed even if there is no deal. Biden has insisted on meeting with Capito about the infrastructure plan, with Republicans increasing their bid from an initial bid of around $ 568 billion to just over $ 900 billion. For his part, Biden has cut the hoped-for package to $ 1.7 trillion from the originally targeted $ 2.25 trillion. Recent developments have led Biden to offer Republicans another concession on an important issue – the corporate tax rate. Biden initially proposed raising the corporate tax rate from the current 21% to 28%. The lower level was the result of the Republicans' 2017 tax package, and they are totally against stepping into that package for savings or revenue to be able to pay for the infrastructure effort. Biden offered a minimum tax rate of 15%. But that concession may have been too much for some Democrats. "We're still negotiating," Jim Clyburn, D., S.C., the House's Majority Whip, told Bloomberg TV. But he added, "I don't think we should take the risk of not doing something because the other side isn't cooperating." The 15% minimum tax on U.S. companies along with increased efforts to enforce the IRS was offered by Biden as a way to pay for the infrastructure package without breaking into the 2017 tax law. Even when he offered the Capito and the Republicans, White House press secretary Jen Psaki insisted that Biden still hasn't given up on the corporate tax rate hike. Underneath that offer, Bloomberg said, the concept is that companies that have many tax credits and deductions must pay at least 15%. The proposal would also increase tax revenues by carrying out more audits on wealthy taxpayers. But there is also one major Democrat opposed to this increase in the corporate tax rate to 28% – Senator Joe Manchin, D., W.Va. He has developed into a kind of "kingmaker", as a moderate Democratic legislator in the 50 Democrats in the US Senate. Manchin made it clear that he was in favor of a corporation tax rate of more than 25%. Biden indicated at the time that he had opened the negotiations. Manchin's vote is vital because, without his support, an infrastructure package is unlikely to be released by the Senate, even if a budget balance is used. Meanwhile, Clyburn was unwilling to say Biden should give up efforts with the Republicans, even though he said they seemed "shall we say reluctant" to reach an agreement. However, he told Bloomberg that he believed the Democrats were "running out of time" to find a bipartisan settlement. Meanwhile, Senate minority leader Mitch McConnell, R., Kentucky said he had spoken to Capito and indicated that Republicans "are still hoping to reach a bipartisan settlement with the government." His hope is that an agreement will be found – and "paid in full" – on infrastructure that states it could be as high as $ 1 trillion. However, another problem continued to be raised by agrarian state legislators regarding other tax rules proposed by Biden to pay for the package. House Agriculture Committee Chairman David Scott, D., Ga., Will be the last to raise his "serious concerns" about how some of the proposed tax changes could affect farmers, ranchers and other small businesses. "While I recognize that the proposal provides for some exceptions, the rules could still place significant tax burdens on many family farms," ​​Scott said in a letter to Biden this week. The chair indicated that changes in inheritance taxation could make it more difficult for farmers to take over family businesses. Of particular concern is the loss of the increased tax base, as he argued that while the provisions would not mean those who inherit farmland would have to pay immediately, they could still face a large delayed tax bill. Scott's concerns come despite assurances from the USDA on the evening the tax plan was released that farmers would not be affected by the proposed changes. Even before the publication, the opposition of Ag interests to proposals to increase the inheritance tax helped to remove this from the final proposal. And there is also opposition to the proposed ending of using the provisions of Section 1031 of the U.S. Taxes Act for farmers to sell farmland and purchase other farmland with the proceeds to defer taxes on the sale. But there is one more wrinkle in the situation. The rising expectation was that Democrats would eventually urge President Biden to break off talks with Republicans on infrastructure and use budget balancing to push the package through without GOP support. But Politico reports that "the Senate chief procedural judge effectively killed a workaround that Majority Leader Chuck Schumer, D., N.Y. saw as a bonus opportunity to get President Joe Biden's agenda off without Republican support." So we'll see. Apparently, the Biden government underestimated the concerns that representatives of the Ag community have about the proposed tax regulations. And the possibility that the Senate may not be able to bypass the Senate Republicans adds another layer to the situation. Bipartisan opposition to the tax proposals is sparking a debate that needs to be watched closely, Washington Insider believes.

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