Agriculture Supports Tax Reform

There are only a few details on President Donald Trump's proposal for tax reform, although he did offer broad ideas this last week.

However, Secretary of Agriculture Sonny Perdue offered support to the agenda, "Just as he has done with excessive and costly regulations, President Trump has focused on the problem of onerous and burdensome taxes. Most agricultural operations are, in fact, small businesses."

He says the time and costs associated with just complying with the tax code are hard for agriculture.

Iowa Farm Bureau President Craig Hill agrees, he says there is an immediate need for general tax reform particularly is simplifying it.

Hill says, "We need tax reform that lowers rates in general but also improves the opportunity for people to take normal business deductions. For example, in agriculture, it might be an interest expense as a normal business deduction. Maintaining some of the accommodation for stepped up basis would be important for agriculture."

Hill and Perdue both add that the Estate Tax needs to be worked on because it makes it hard for farmers to pass their land off to the next generation.