"The only certainty in life are death and taxes"
We cannot stop one, but you can fix the other. Take Action Now!
Ronald Reagan once said, "whenever we lower the tax rates, our entire nation is better off.” Congress is starting to get serious about tax reform. On Sept. 27, the “Unified Framework for Fixing our Broken Tax Code” was released. This document is the work product of negotiations between House and Senate leadership and the White House. Its release marks the start of Congressional efforts to write tax reform legislation.
We need you to tell Congress to reform the tax code so that it is simpler, more transparent, revenue neutral and fair to farmers and ranchers.
Farm Bureau believes tax reform should embrace the following principles:
- Be Comprehensive: Tax reform should help all farm and ranch businesses, including sole propreitors, partnerships and sub-S corporations.
- Effective Tax Rate: Tax reform should reduce combined income tax rates enough to account for any deductions or credits lost.
- Cost Recovery: Tax reform should allow businesses to deduct expenses when incurred, including business interest expense, cash accounting and keep Section 1031 "like-kind exchanges."
- Estate Taxes: Tax reform should repeal estate taxes and continue stepped-up basis, which sets the value of land and buildings at what the property is worth when inherited.
- Capital Gains Taxes: Tax reform should lower taxes on capital investments. Capital gains taxes should not be levied on transders at death
For more on Farm Bureau's tax reform priorities, check out these resources:
- AFBF Tax Issues page
- AFBF statement submitted to the Senate Finance Committee
- Agriculture's Tax Reform Tool Box
We need you to contact legislators and tell them why tax reform is import to your farm or ranch.