National Ag News

American Farm Bureau’s tax policy specialist says she’s enthusiastic about the proposed tax reforms unveiled by the Trump administration today but there are a lot of unanswered questions for agriculture. Pat Wolff tells Brownfield it’s not clear if the lower business tax rate would apply to farmers, “It’s important to clarify that that 15% will apply to ALL farmers whether they’re corporations, partnerships or if they pay businesses as sole proprietors.”

And, she says nothing was said about business deductions that are very important to farmers, “We can’t tell if – what’s going to happen with things like immediate expensing, cash accounting, like-kind exchanges and whether or not the deduction for business interest will continue.” Wolf says farmers could end up with a tax increase, even with a lower 15% tax rate.

Continue reading AFBF cautiously optimistic about Trump tax plan at Brownfield Ag News.