American Farm Bureau optimistic about tax reform

Published online: Aug 16, 2017 News

American Farm Bureau (AFBF) is optimistic Congress will make tax reform a priority when lawmakers return from their August recess.

AFBF tax policy specialist Pat Wolff says the White House and leaders in the House and Senate have expressed a mutual desire to pass tax reform legislation this fall.

“So we know this is being cued up for legislation to come out of the Tax Writing Committee not too long after they get back.”

The results of a recent survey conducted by Morning Consult indicate a vast majority of Americans support tax reform, and most opinions align with specific provisions Farm Bureau would like addressed.

“Farmers and ranchers place a high value on tax provisions that allow them to match income with expenses and even out the fluctuations they have in their revenue," Wolff says. "The survey showed us that Americans support allowing farmers to match their income and expenses.”

Farm Bureau is also seeking a decrease in capital gains taxes and repeal of the estate tax.

More than half surveyed support those provisions, and three out of four are in favor of allowing farmers to deduct interest paid on business loans.

Nearly 2,000 registered voters were polled on behalf of AFBF between July 20-24.

Source: brownfieldagnews.com