Leaders of the House and Senate Agriculture Committees say the just-passed tax bill delivers lower taxes for farmers and ranchers. House Ag Chair Mike Conaway says, “From lower marginal rates to the treatment of pass-through income to improved small business expensing, this bill delivers for farmers, ranchers and all rural America.” Meanwhile, Senate Agriculture Chairman Pat Roberts says the legislation “impacts every single American,” offering a fairer, simpler tax code. For farmers, Roberts says the bill creates a “much more pro-growth tax system,” lowering the tax burden on farmers and ranchers. The bill also doubles the exemptions from the estate tax up to $22 million per couple. Not all agree, however, that the bill will benefit farmers and ranchers. The partisan bill was not supported by Democrats. Further, the bill will deliver near-term benefits to farmers, but many of the ag-important provisions are temporary. The National Farmers Union says the bill ultimately provides handouts for the wealthy that “will be paid for by family farmers, ranchers, the lower and middle classes, and our future generations.” The American Farm Bureau Federation applauded the bill, and stated AFBF will now focus on making those important tax deductions, lower rates and the estate tax exemption permanent.”
Agriculture Secretary Sonny Perdue calls the recently passed tax reform bill a “once-in-a-generation” reform of the federal tax code. Calling tax reform an eagerly awaited Christmas present for taxpayers, Perdue says “tax paying people of American agriculture need relief.” In his statement, Perdue offered thanks to President Trump and commended Congress for passage of the legislation. He says most family farms are run as a small business, and that they “should be able to keep more of what they earn to reinvest in their operations and take care of their families.” Perdue says that simplifying the tax code and easing the burden on citizens will free them up to make choices for themselves, create jobs, and boost the overall American economy.
Source: NAFB News Service