The election is behind us, but it is all eyes ahead for the ag industry. There are several tax changes coming down the line.
Senator Chuck Grassley says the 2017 tax cuts expiring soon will be troublesome for farmers, and he cites the lifetime exemption, which will go back to $7 million for individuals, and $14 million for couples.
He says the pass-through income deduction is also important and would have a real impact on U.S. ag.
“The 20 percent deduction for pass-through income affects small businesses and farmers, but it would surely affect farmers.”
Grassley says these issues come down to farmers working to avoid double taxation on their operations. There is speculation that the tax cuts will be extended in a second Trump Administration.
