Congress is providing farmers and ranchers with a last-minute holiday gift: lower tax bills in the future. A tax code overhaul passed by both the House and Senate this week makes many changes to the tax code that will benefit farmers and ranchers. American Farm Bureau Federation tax specialist Pat Wolff says the bill includes lower individual tax rates.
New to the tax code, the bill includes a deduction for business income.
The estate tax, long opposed by Farm Bureau, should no longer be a factor for most farmers and ranchers following changes to the estate tax exemption.
That’s AFBF tax specialist Pat Wolff.
From the National Association of Farm Broadcasting News Service.