202-224-4515, Katie Niederee and Julia Lawless
Tax Reform: A Win for Farmers, Rural America
New Tax Reform Law Benefits America’s Farmers and Ranchers
Today, President Trump will be the first president to speak at the Farm Bureau convention since President George H.W. Bush in the early 1990s. His remarks will give long overdue recognition to the critical role farmers and ranchers play in America’s food and fiber, as well as their contributions to the American economy.
American Farm Bureau Federation President Zippy Duvall praised tax reform saying, “[T]hanks to a lot of hard work by Congress and the administration, farmers will have both lower rates and all the tools they’ve always had to manage their businesses.”
Recently enacted tax reform will lower taxes for the vast majority of farmers and ranchers, helping them get ahead in the 21st century.
Here is a look how – Tax reform:
Lowers rates for individuals. According to the Farm Bureau 94 percent of farmers and ranchers pay taxes as individuals;
Increases the agricultural community’s ability to use the simpler cash method of accounting, providing more flexibility in managing cash flow;
Provides new tax relief for small business pass-throughs. Most farms and ranches are pass-throughs and the new system accommodates the special features of agricultural taxation, including cooperatives;
Includes significant relief from the harmful impacts of estate and gift taxes, which affect farmers and ranchers;
Protects agricultural organizations’ ability to raise funds for operations; and
Maintains important credits and deductions farmers rely on.
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