AFBF leader: Farmers need tax reform now
Farm and ranch families need a permanent tax code that boosts the ag economy and frees them to reinvest in their businesses.
That’s the message delivered by American Farm Bureau vice president Scott VanderWal as he testified at a tax policy hearing in Washington.
“Reducing effective tax rates is the most important thing that tax reform can do to boost farm and ranch businesses,” said VanderWal. “Every dollar that we pay in taxes is a dollar that could be reinvested back into our farm, help lift my community and contribute to a robust agricultural economy.”
VanderWal also urged lawmakers to consider the broader impact of tax provisions on the effective rates farm and ranch families pay.
“Because our profit margins are tight, we are more likely to fall into lower tax brackets,” he said. “Tax reform plans that fail to factor in the impact of lost deductions, credits and exemptions for all rate brackets could result in a tax increase for agriculture.”
VanderWal farms near Volga in east-central South Dakota.
AUDIO: Scott VanderWal testifying Thursday before the House Ways and Mean subcommittee on tax policy
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