U.S. Secretary of Agriculture Sonny Perdue hailed the House of Representatives’ passage of historic tax cuts and reforms as an important step toward providing much-needed relief to Americans, creating jobs, and boosting the economy. Perdue issued the following statement: “We haven’t had an overhaul of the burdensome federal tax code since the mid-1980s and it is well past time to …
Senate Tax Bill Expands Small Business Break, Ends ACA Individual
A revised Senate tax reform bill expands a key break for family farms and other small businesses, but also includes a key GOP goal to end the Obamacare individual mandate. The reworked Senate Finance GOP bill expands tax relief for small businesses that ‘pass through’ company income as individuals. But Republicans set off a firestorm of protest from Democrats by …
Agriculture Groups Band Together to Support Section 199
More than 180 agricultural groups are coming together to support the Section 199 tax deduction not included in the tax reform proposal. The groups, led by the National Council of Farmer Cooperatives, penned a letter to House Speaker Paul Ryan and Minority Leader Nancy Pelosi opposing the effective repeal of Section 199. By not including the deduction, the House tax …
Farmers Should Focus on Effective Tax Rate
Congress is just starting to consider changes to the federal tax code. As the process unfolds, AFBF economist Veronica Nigh says the effective tax rate is the most important factor for farmers when it comes to federal taxes. Nigh says there are three main factors that impact farmers within the federal tax code. Because of where the majority of …
Farm Bureau Welcomes Progress on Tax Reform Bill
The following may be attributed to American Farm Bureau Federation President Zippy Duvall: “America’s farmers and ranchers are ready for a tax system that recognizes their hard work and the unique challenges they face while reducing the tax burden that threatens their livelihoods. Thanks to the leadership of the House Ways and Means Committee, we are closer to that goal. …
Global Food Prices Reported Lower
Global food prices dropped in October, led by lower dairy products. The United Nations Food and Agriculture Organization’s monthly Food Price Index averaged 176.4 points for the month of October, down 1.3 percent from September, while still up 2.5 percent from a year earlier. The Index is a measure of the monthly change in international prices of a basket of …
Senate Tax Writer Expects Full Repeal of Estate Tax in Senate GOP Version
A leading Senate tax writer expects full repeal of the estate tax in the Senate GOP version of tax reform legislation after House tax authors took a different path. Senior Senate Finance member and former chairman Chuck Grassley expect committee Republicans to opt for full repeal of the estate tax, versus just an increase in the exclusion. The House GOP …
Farm Bureau Applauds Congressional Tax Reform
The federal tax reform plan coming out of Congress makes major changes to the tax code. Pat Wolff, AFBF senior director of congressional relations, says Farm Bureau is reviewing the plan to ensure the effective tax rate lessens the tax burden for America’s farmers and ranchers. Wolff calls it a bold proposal that she expects to move through Congress quickly. …
Tax Bill Includes One of Agriculture’s Top Goals, with a Caveat
House Republicans are out with their tax bill, and it includes one of the agriculture’s top goals, with a caveat. Republicans plan to eliminate the estate tax. But, in a move that will ease the loss of revenue and help counter Democrats’ criticism the bill favors the rich, the GOP will double exemptions for estate taxes and then end the …
Agriculture Reacts to House Tax Reform Proposal
The House Ways and Means Committee tax overhaul plan released Thursday provides a blueprint for tax reform. The plan is essentially a set of promotional documents, with many details unaccounted for. The documents say the estate tax would be repealed, and that the legislation will lower individual and corporate tax rates. Agriculture groups are reviewing the first draft of the …