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Tax Announcement Looming

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The Trump administration is expected to make an announcement soon regarding taxes and possible reforms. While few details were available, White House Press Secretary Sean Spicer said the administration would make a tax-related announcement this month. Talks regarding a tax plan by President Trump are apparently coming along well, and Trump indicated an announcement would be coming “over the next two or three weeks.”

Tax reform is a top priority for some in agriculture, including the American Farm Bureau Federation. AFBF sees lowering tax rates in a way that does not result in a tax increase and eliminating the estate tax as critical tax reforms needed for farmers.

Trump has said he wants to cut the corporate tax rate to 15 or 20 percent and has threatened a 35 percent tax on businesses that go overseas.

Source: NAFB News Service