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Farm Bureau takes tax reform priorities to Congress

American Farm Bureau (AFBF) is making Congress aware of its tax reform priorities.

Tax policy specialist Pat Wolff says AFBF submitted testimony to the House Ways and Means Committee last week, asking for a comprehensive approach to taxation.

“It needs to include all kinds of businesses (not just C corporations).  But, the majority of farmers are not C corporations.  They’re partnerships, sole proprietorships, or some other kind of pass-through business.”

She tells Brownfield Farm Bureau is also seeking reforms that would reduce the amount of taxes on farmers and ranchers.

“There’s a lot of talk about pushing down the business tax rates.  But farmers and ranchers don’t pay the business tax rate.  They pay a rate lower than that because of the deductions, credits, and low profit margins.”

Wolff says some of these tax reforms are becoming more necessary as the farm economy remains down.

She points to preserving interest deductibility, reducing capital gains taxes, and eliminating the estate tax.

 

 

 

 

 

 

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