Congress is back in session with a promise to work on tax reform this month. American Farm Bureau Federation tax specialist Pat Wolff says farmers need overall tax relief from Congress in any tax reform package.
Wolff says there is a lot of talk about lowering corporate tax rates but says business structures vary for farms, most of which are not incorporated. Other possible changes include priority items for agriculture.
Yet to be decided is whether or not the tax reform bill will be revenue natural, meaning for every dollar cut, another tax will take its place. One consideration to raise money is to eliminate the deduction for business interest.
That’s AFBF tax specialist Pat Wolff.