Farm Bureau Responds to President’s Tax Plan
WASHINGTON – The following may be attributed to American Farm Bureau Federation President Zippy Duvall: “Farmers and ranchers need a tax code that promotes the business of farming and ranching and recognizes the unique financial challenges we face. Farm Bureau welcomes a pro-business approach to tax reform, but any tax reform proposal must treat all businesses fairly. Most farm and ranch businesses don’t operate like large corporations: they are family-run businesses that depend on deductions and provisions that give them the flexibility they need to keep their businesses running in all seasons."
“Lower tax rates will go a long way in helping farmers and ranchers. But the future of other important provisions for agriculture—like immediate expensing, the deduction for interest expense, cash accounting and like-kind exchanges—is still unclear to us. Farmers run their businesses in a world of uncertainty—from unpredictable markets to uncertain weather and disease outbreaks. The tax code should not add to the challenges of growing our nation’s food, fuel and fiber. We are ready to work with the administration and Congress to address all of agriculture’s needs in the tax code.
“Farm Bureau is pleased to see President Trump’s plan will immediately take on one of our top concerns, the estate tax. Eliminating the estate tax will free farmers to invest in the future of their family businesses rather than selling off their land and legacy when a family member dies. Farmers and ranchers have already benefitted from congressional action to reduce this burden, and we’re ready to bury the death tax once and for all.”