The tax reform framework announced last week is the first step toward providing tax relief to farmers and ranchers. Pat Wolff, AFBF’s tax specialist, highlighted some of the details in a recent Newsline. (09-28-2017).
“There would be lower rates for incorporated businesses, for non-incorporated businesses and for individuals,” Wolff said. “Of course, that comes at a price, and the price is the loss of credits and other deductions.” It’s unknown at this time what those losses are going to be, which is why Farm Bureau is paying close attention, Wolff noted.