Duvall: Average Farmers Win In Tax Reform

As Tax Reform debate continues in Washington DC, farmers are eagerly watching to see how their bottom line will be impacted.  During his recent trip to Oregon, American Farm Bureau President Zippy Duvall said the average American family farm will come out ahead if current Tax Reform legislation becomes law.  He acknowledged there is still a lot of work that needs to be done.  Duvall told the Washington Ag Network there are some concerns to overcome, such as the absence of the 199 exemption.

“You know, our policy is to illuminate the inheritance tax, or the death tax, and we didn’t get that but we’re encouraged how they doubled the exemptions and on the House side, it actually does away with it, I think it’s five years down the road.”

Duvall said in the coming weeks, they will comb over the House and Senate proposals, to determine the pros and cons.

“All in all, a lot of the stuff we wanted to make sure stayed in our tax code that helped farmers [stayed there], like Cash Accounting, being able to deduct our expenses on capital expenditures.”

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