A news update yesterday from the American Farm Bureau Federation (AFBF) indicated that, “A joint statement on tax reform released recently by Republican congressional leaders and administration officials signals that lawmakers plan to make good on their promise to overhaul the tax code as soon as this fall.”
The update explained that, “Among farmers’ and ranchers’ top priorities are comprehensive tax reform that helps all farm and ranch businesses; the reduction of combined income and self-employment tax rates to account for any deductions or credits lost; and cost-recovery tools like allowing businesses to deduct expenses when incurred; and a continuation of cash accounting, Section 1031 ‘like-kind exchanges,’ and the deduction for state and local taxes.
“The repeal of estate taxes and the continuation of stepped-up basis, along with reduced capital gains taxes, are important as well.”
Yesterday’s AFBF release added that, “The group of congressional leaders and administration officials who released the joint statement on tax reform includes House Speaker Paul Ryan (R-Wis.), Senate Majority Leader Mitch McConnell (R-Ky.), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-Utah) and House Ways and Means Committee Chairman Kevin Brady (R-Texas).”
