Tax Plan Benefits Farmers

Tax Plan Benefits Farmers

Susan Allen
Susan Allen
I'm Susan Allen. House Republicans' plan to reform the tax code would make significant changes for businesses and lower tax rates. American Farm Bureau Federation tax specialist Pat Wolff calls the plan a bold new approach that would benefit farmers

Wolff: The immediate deduction of all business inputs so that would be equipment, building and animals.

Despite what or where you farm or ranch you face hard-to-predict weather and market changes. However, Wolff says this plan would eliminate uncertainty in the tax code

This proposal is an encompassing, long-term permanent change to the tax code; farmers would know for sure how certain business decisions would impact their bottom

She says releasing the plan this month is a sign of what's to come if Republicans remain in power in the U.S. House next year.

It's a campaign piece that lays out what's ahead, but there's enough detail here that we know it's a real plan a plan that can easily be turned into legislation.

Given the political climate we are seeing right now in the midst of the democratic convention, the farmers and ranchers I know are hoping the political stars align so that they can better map out their financial future. Thank you, Pat Wolff, tax specialist with the American Farm Bureau Federation.

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