As Congress returns from its August recess, farmers and ranchers across the country are urging lawmakers to focus on needed tax reform. Chad Smith has the details.
Duval: Our family farms are already burdened by inflation, increased utility costs, and much, much more. These new tax burdens could put even more pressure on our farmers and ranchers, and possibly even put them out of business. The Tax Cuts and Jobs Act, passed in 2017, contains many temporary provisions that relieve farmers and ranchers of some of these burdens. Some of these provisions expire at the end of next year, including an important estate tax exemption.
Blacksmith: The inheritance tax provision allows farmers to pass their operations on to the next generation. When the new Congress is sworn in, Duvall and the Farm Bureau want it to focus on taxes.
Duval: They have to deal with tax provisions that expire at the end of 2025. It’s important that we work with lawmakers now to help them understand how the current tax provisions allow our farmers to stay in business and protect their farms so they can afford to pass them on to the next generation.
Blacksmith: Duvall says farmers and ranchers need to make clear the urgency of this problem.
Duval: As a farmer and rancher, your voice is the most powerful tool we have to represent interests. Contact your elected official and tell them how tax provisions like the estate tax exemption have helped you plan for the future of your operation and ask if you can meet with them in person. Lawmakers need to understand that there are real consequences when important provisions like the estate tax exemption are not extended.
Blacksmith: Chad Smith, Washington.
Click here to learn more about tax reform.
