National Ag News
Tax reform impact on farmers unclear
Dec 27, 2017, 16:29 PM
by
System
President Donald Trump calls the new tax reform law the largest tax cut in U.S. history and says it will benefit farmers by cutting the estate tax. USDA Chief Economist Dr. Robert Johansson says most family farms would have already been exempt, saying less than 2% would have had to pay estate taxes last year, but he says, “Certainly, with the lifelong exemption being increased to 11.2 million per individual, 22.4 million for a couple, that will help to that extent but it was a small number of producers in the first place.”
The seven income tax brackets will be allowed higher income deductions, and Johansson says another provision will help farmers.
Continue reading Tax reform impact on farmers unclear at Brownfield Ag News.
