Tax bill’s benefits for agriculture will be mostly temporary
The tax bill written by the Republican-controlled Congress would deliver “near-term benefits to many ag producers, but rate reductions and estate tax changes beneficial to ag are temporary” and bring the risk of higher taxes in the future, says the accounting firm K-Coe Isom.
Indiana mega-farmer is face of Trump’s drive to repeal estate tax
The most hated tax in agriculture, the estate tax, would be repealed as part of the tax reform package unveiled by President Trump in Indianapolis on Wednesday. Mega-farmer Kip Tom, who operates more than 20,000 acres in Indiana and Brazil, was chosen by the White House to attend the speech and to serve as a living example of the peril of the “death tax.”
Trump touts tax reform, Perdue says it should include the estate tax
The first overhaul of the tax code in three decades should result in a one-page tax return for most Americans, President Trump said in Missouri, while declaring that tax reform is the foundation of job growth. Agriculture Secretary Sonny Perdue said separately that the estate tax, a bugaboo of the farm sector, should be part of the overhaul expected to be a Republican priority in Congress this fall.
Obama calls for higher capital gains tax rate
President Obama will call for a higher tax rate on capital gains during the State of the Union speech, according to the White House. It rolled out tax-reform proposals over the weekend.
Tax reform bill includes waterways tax increase
The tax reform package unveiled on Wednesday by House Ways and Means chairman Dave Camp includes an industry-backed plan for higher fuel taxes to pay for improvements to U.S. inland locks, dams and waterways.