Tax Reform Package to Benefit Farmers, Ranchers

 

e following may be attributed to American Farm Bureau Federation President Zippy Duvall:

 

“The tax reform package passed by Congress this week will result in lower taxes for the vast majority of farmers and ranchers. This tax overhaul includes many changes to the tax code, most notably lower individual tax rates, that will benefit farmers and ranchers. Ninety-four percent of farmers and ranchers pay taxes as individuals, and those rates are coming down. The bill also maintains all of the important deductions and credits that farmers rely on. So, thanks to a lot of hard work by Congress and the administration, farmers will have both lower rates and all the tools they’ve always had to manage their businesses.

 

“Starting next year, farmers and ranchers will also be able to take a 20 percent deduction off their business income. That’s new, and it will reduce the taxes farmers owe.