Farmers Could Feel Congressional Plans to Overhaul Tax Code
An overhaul of the tax code could have significant implications for farmers. It’s part of a House GOP proposal to raise the cost of fuel, but wipe out the federal estate tax and lower income tax rates while allowing farmers and ranchers to immediately write off expenses.
The fuel increase is part of a Donald Trump pledge to discourage companies from moving jobs overseas. The plan would lower the corporate tax rate from 35 to 20 percent and apply the tax to all goods that companies import, but not export.
Meantime, the American Farm Bureau Federation says it strongly supports President-elect Trump’s pick to head the Environmental Protection Agency.
In a letter to congressional leaders, AFBF President Zippy Duvall called Oklahoma Attorney General Scott Pruitt an ideal candidate who has profound respect for laws written by Congress.
Duvall says AFBF supports Pruitt because of his opposition to the controversial Waters of the U.S. rule.