The House of Representatives passed legislation Thursday that would bring substantial changes to the U.S. retirement system, making it easier for employers to offer plans and include annuities as options for workers. The legislation would repeal the age cap for contributing to individual retirement accounts and increase the age to start taking required withdrawals from 401(k)s and IRAs. A Senate GOP aide said the plan is for the Senate to vote on the House’s bill, rather than its own version. The changes would be the most significant to retirement plans since 2006. (Wall Street Journal)

U.S. Secretary of Agriculture Sonny Perdue announced Thursday the actions USDA will take to assist farmers in response to trade damages. President Trump authorized USDA to provide up to $16 billion in programs, including $14.5 billion in direct payments to producers and a $1.4 billion purchase of surplus commodities through the Agricultural Marketing Service. Payment rates have not yet been released. (USDA)

Gov. JB Pritzker Wednesday defended his proposed tax increases to pay for a capital bill against critics who said they will disproportionately hurt the poor. “In order to put an infrastructure bill together, you’ve got to have various revenue sources,” Pritzker said. “It’s important that they are stable revenue sources because you need to bond them out.” Pritzker proposed more than $1.7 billion in tax and fee increases to finance the $41.5 billion program. That included doubling the state’s gasoline tax and raising license plate fees, among other products and services. (Peoria Journal Star)  

The Trump administration is preparing to announce another round of trade aid for those affected by retaliatory tariffs as soon as Thursday. The aid plan could exceed $15 billion and is largely modeled on the program put in place last year, though the payments will be more generous. Payments of about $2 per bushel to soybean growers, 63 cents per bushel to wheat growers and 4 cents per bushel to corn growers are being considered. (Bloomberg)

The graduated income tax proposal, recreational marijuana and a capital bill are all big issues on the table as the deadline for the spring legislative session quickly approaches. Alignment among Democrats could help get big issues ‘knocked out’ before the May 31 deadline. “They are in alignment on most of these things, but there are some areas where they depart and they’re still doing some negotiating on,” said Jak Tichenor, host of Illinois Public Media. (FarmWeekNow)

Sales of California-grown garlic are increasing after decades of losing ground to cheaper Chinese imports. Sales are poised to get even better as Chinese garlic faces higher tariffs, with no end to the trade war in sight. While many farmers are suffering through the trade war because they relied heavily on imports to China, U.S. garlic growers benefit because they rely overwhelmingly on domestic sales. (Reuters)