According to the AFBF’s Market Intel report, “The size of a federal tax bill can make or break farm profitability, particularly for small farms on the brink of breaking even.”
AFBF President Zippy Duvall noted, “Farm families, like all families in America, are struggling with higher prices.
Farmers’ paychecks have shrunk at the same time because what they’re paid for their product has bottomed out, threatening the economic sustainability of rural America.”
This tax burden could also lead to job losses, as farmers may be forced to cut labour costs. An estimated 49,000 agricultural jobs could disappear, removing about $3 billion in wages from rural economies.
Extending tax provisions could help preserve jobs and stabilize the economic future of rural communities. Congress now holds the key to avoiding this crisis.