Thursday, August 31, 2017

Voters still have a soft spot for the American farmer

In a poll done for the American Farm Bureau Federation or AFBF, a majority of 2,000 voters surveyed said Congress should reform the tax code. Up to 7 in 10 respondents supported business-friendly reforms when told the reforms would benefit farmers.
"[People support] allowing farmers to deduct machinery purchases in the year they're made, allowing farmers to average their income from one year to the next, decreasing overall capital gains taxes, and repealing the estate tax," AFBF Executive Director of Communications Mace Thornton said.
Congress is considering many of these changes. 
The federal estate tax, commonly known as the death tax, imposes up to a 40 percent tax on any property valued at $5.5 million or more that is transferred to an heir. 
It's more common with farm families because of the high cost of land and equipment, Thornton said. "If you're farming 1,000 acres of corn valued at $13,000 per acre, that's $13 million," he said. "With that, you're typically living a middle-class lifestyle, but in years like 2017, you're losing money hand-over-fist."
Illinois adds an additional 28.5 percent estate tax, which starts at $4 million.

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