The American Farm Bureau Federation’s Pat Wolff was quoted in a Financial Times article on the potential impact of certain tax reforms on agriculture. The Financial Times noted, “Among a number of issues for farmers are possible limits on their ability to deduct interest against tax bills.”
Wolff, AFBF senior congressional relations director and tax specialist, explained that farmers and ranchers depend largely on debt to operate their farm or ranch businesses. “Our industry is almost completely debt-financed,” said Wolff. “It is push, push, push to hold on to the interest deduction.”
Financial Times subscribers can access the full article, “US Agriculture Lobbyists Warn Some Could end up Paying Higher Taxes After Reforms,” here.