America’s farmers and ranchers need a flexible tax code that gives them freedom to both grow and adapt quickly to changes beyond their control, AFBF told Congress on Wednesday (April 05, 2017).
Pat Wolff, senior director of congressional relations for AFBF, addressed agriculture’s need for sweeping tax reform in a hearing before the House Agriculture Committee. “Running a farm or ranch business is challenging under the best of circumstances,” Wolff said. “Farmers and ranchers need a tax code that recognizes the unique financial challenges that impact them.”
Wolff urged Congress to create and retain tax policies that support high-risk, capital-intensive businesses like farms and ranches. Farm Bureau supports many of the provisions in the House’s proposed blueprint for tax reform, including reduced income tax rates, reduced capital gains taxes, immediate business expensing, and estate tax repeal. But, Wolff explained, the plan can be improved by reinstating benefits like the deduction for business interest expense and guaranteeing the continuation of stepped-up basis, cash accounting and like-kind exchanges.