A provision in the overhaul of the U.S. tax code had some unintended negative side effects on certain agribusinesses across the country. The provision gives producers a chance to cut down on their taxable income if they sell their commodities to agricultural cooperatives. It appears that farmer-owned cooperatives like CHS, Inc., came out ahead of other agribusiness giants like Cargill …
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 …
One Step Closer to Tax Cuts?
National Hog Farmer says the fiscal year 2018 budget proposed by Republicans and passed by Congress is a step forward toward possible tax cuts. Republicans will be able to use a procedural move that lets tax legislation be passed in the Senate with 50 votes. The goal of the Trump Administration and Republican leaders is to get the tax bill done …