Leaders of the House and Senate Agriculture Committees say the just-passed tax bill delivers lower taxes for farmers and ranchers.
House Ag Chair Mike Conaway says: “From lower marginal rates to the treatment of pass-through income to improved small business expensing, this bill delivers for farmers, ranchers and all rural America.”
Meanwhile, Senate Agriculture Chairman Pat Roberts says the legislation “impacts every single American,” offering a fairer, simpler tax code. For farmers, Roberts says the bill creates a “much more pro-growth tax system,” lowering the tax burden on farmers and ranchers.
The bill also doubles the exemptions from the estate tax up to $22 million per couple. Not all agree, however, that the bill will benefit farmers and ranchers. The partisan bill was not supported by Democrats. Further, the bill will deliver near-term benefits to farmers, but many of the ag-important provisions are temporary.
The National Farmers Union says the bill ultimately provides handouts for the wealthy that “will be paid for by family farmers, ranchers, the lower and middle classes, and our future generations.”
The American Farm Bureau Federation applauded the bill, and stated AFBF will now focus on making those important tax deductions, lower rates and the estate tax exemption permanent.”
From the National Association of Farm Broadcasting News Service.