The Donald Trump administration is expected to make an announcement soon regarding taxes and possible reforms. While little details were available, White House Press Secretary Sean Spicer last week said the administration would make a tax-related announcement this month. Talks regarding a tax plan by President Trump are apparently coming along well, and Trump indicated an announcement would be coming “over the next two or three weeks.” Tax reform is a top priority for some in agriculture, including the American Farm Bureau Federation. AFBF see’s lowering tax rates in a way that doesn’t result in a tax increase, and eliminating the estate tax as critical tax reforms needed for farmers. Trump has said he wants to cut the corporate tax rate to 15 or 20 percent, according to Politico, and he has threatened a 35 percent tax on businesses that go overseas. It’s unclear, however, what specifically the president was alluding to or how reliable his timeline is.
From the National Association of Farm Broadcasting news service.