Trapped between uncertain weather and even worse commodity markets, farmers and ranchers want Congress to make permanent law out of a host of important but – as of now – temporary tax provisions.
As Missouri farmer Kalena Bruce explains in a new video from the American Farm Bureau Federation, farmers want tax tools like cash accounting and interest deduction for small businesses to be there when they need them. The techniques, she tells viewers, are vital to planning and budgeting as farmers often put a crop in the ground one year, harvest it the next and sell it the year after that.
Farmers and ranchers want:
- Cuts to combined income and self-employment tax rates to account for any other deductions or credits lost in tax reform;
- Cost-recovery tools like allowing businesses to deduct expenses when incurred;
- Continuation of cash accounting;
- Section 1031 “like-kind exchanges,” and
- Deduction for state and local taxes.
Making these tax tools permanent is a big part of the message farmers are delivering to Congress.
“Lowering tax rates and giving farmers and ranchers more money in their pockets so that they can reinvest in their businesses and reinvest in their communities is going to be good for all of America,” Bruce said.
The video can be downloaded from: http://bit.ly/AFBFTaxReform. The page also includes several different options for broadcast purposes.