And so it begins...Tax Reform

The American Farm Bureau Federation says tax reform framework released Wednesday includes important principles for agriculture. Farm Bureau President Zippy Duvall said in a statement that AFBF was encouraged by the inclusion of lower tax rates for individuals who own businesses, elimination of the death tax and some business interest deductibility. However, AFBF says any tax reform package should also include the continuation of cash accounting and like-kind exchanges, unlimited stepped-up basis and lower capital gains taxes. President Trump announced the tax reform framework at the Farm Bureau building at the Indiana State Fairgrounds.

Secretary Perdue Statement on President Trumps Tax Reform Agenda

Secretary of Agriculture Sonny Perdue today applauded President Donald J. Trumps vision of a broad reform of the American tax code, which will result in dramatic tax cuts for millions of American individuals, families, businesses, and family farmers, ranchers, and foresters. Secretary Perdue issued the following statement:

The people of American agriculture work hard every day to provide food, fiber, and fuel for their fellow citizens, so they shouldnt be overburdened by the tax collector as well. Most family farms operate as small businesses, with the line between success and failure frequently being razor thin. Add to that the complexity and costs of merely complying with the tax code, and their budgets are stretched even tighter. On top of it all, the unfair Death Tax can cause too many family farms to be broken up and sold off to pay the tax bill, undoing lifetimes of toil and preventing further generations from carrying on. President Trump is right to push for reform and reductions in the tax codean overhaul that is long overdue."

Cattlemen Very Pleased That Tax-Reform Blueprint Includes Death Tax Repeal, Will Fight toaintain Existing Positive Provisions in Tax Code

Craig Uden, President of the National Cattlemens Beef Association, released the following statement in response to the Unified Framework for comprehensive tax reform legislation:

Our Nations cattle producers are very pleased that President Trump and Republican leaders in Congress have maintained their long-standing commitment to American agriculture by including a full repeal of the onerous death tax in the Unified Framework for Fixing Our Broken Tax Code. We look forward to working with the Administration and lawmakers on Capitol Hill as pen meets paper on tax legislation, and will continue to demonstrate how the death tax and its associated costs adversely affect family-owned operations and the rural communities they support.

Also, current provisions in the tax code that help livestock producers maintain economically viable businesses and support the success of future generations of farmers and ranchers must be preserved. Stepped-up basis, cash accounting, like-kind exchanges, cost recovery, and the deductibility of interest payments are just a handful of the provisions that allow agricultural producers to survive despite the many challenges we face, from market volatility and fluctuating input prices, to droughts, wildfires, and floods, to the challenge of generational transfers. Well closely monitor these provisions as more details on legislative language become available, and intend to fight tooth and nail for a tax code that supports Americas beef producers.

Check back for more on this developing story.


Story source: various news releases

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