Montana Farm Bureau is pleased with the “Unified Framework for Fixing Our Broken Tax Code” announced today by the Trump Administration.
MFBF President Hans McPherson said elimination of the estate tax, often called the Death Tax, is at the top of the tax reform list for farmers and ranchers.
“As I traveled around the state to attend our county Farm Bureau annual meetings in September, eliminating the onerous Death Tax is on everyone’s mind,” noted McPherson. “The estate tax makes it difficult to pass on the farm or ranch to the next generation. Those that do extensive planning with lawyers realize a great expense from using attorneys and accountants. Eliminating the death tax is one way to ensure that farms and ranches do stay in the family and that kids and grandkids can take over producing food.”
Other provisions in the framework address concerns of farmers and ranchers including lower tax rates for business owners and some business interest deductibility. Agriculture is a high-risk, high-input, capital-intensive business and these provisions are essential to success.
“Farmers and ranchers need lower capital gains tax, and the continuation of cash accounting,” noted McPherson. “I know the American Farm Bureau will work with the tax writers on this framework to develop a tax system that will lower tax rates for the people growing our food and fiber. We look forward to working with Senator Tester and Senator Daines, as well as Congressman Gianforte to ensure farmers and rancher realize true tax reform. We appreciate the opportunity this tax framework will provide.”
Source: Ag News Wire