Trump Vows Tax Plan Will "Protect Farmers, Ranchers, Small Businesses"

September 28, 2017 11:22 AM

After failing to get healthcare reform through the Senate, now attention is shifting to tax reform. Farm groups are hoping this could signal the end of inheritance taxes and lower tax rates for farm and ranch businesses.

On Wednesday, President Trump rolled out his plan to overhaul the U.S. tax code, the first major rewrite of tax rules since the Reagan administration.

“Cutting taxes on hard-working Americans so you can keep more of your hard-earned paycheck,” said Speaker of the House, Paul Ryan (R-Wisc.)

“We are not going to allow the death tax to steal away the American dream from these great families, many of which are in this room," said Trump.

Watch the full story on AgDay above.

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Spell Check

Red wing, MN
9/29/2017 08:30 AM

  Here is another way to think about it. Instead of selling it all at once why not consider working with a young beginning farmer and work out a contract for deed that gives you the income you need over x number of years keeping your income in an acceptable tax bracket and the young farmer gets a chance. Our communities get a chance too because that young farmer has a family to send to our schools and attend our church and purchase supplies locally. So many more people benefit in this senerio. We can survive this without changing the tax situation now. It is time to really consider the impact of our decisions on our community and our country not just ourselves.

Canton, MN
9/29/2017 09:13 AM

  Fireball what happens when there is a unexpected is gone ! That young farmers didn't have a chance to get the farm he or she might have been to young also that money has already been taxed so get your greedy hands off dead people's money.

Lincoln, NE
9/29/2017 05:06 PM

  Contrary to what policy makers want you to think, the 'Death Tax' does not affect 99% of farm/ranch families because they do not have estates worth over $11,000,000. Trump and his cronies who are pushing the repeal of the 'Death Tax' are only claiming it will help farm/ranch families because they know it would fail if Trump said 'Repeal of the Death Tax will help the Walmart heirs, the Koch family heirs and my own children...and not very many other folks.' If the trade-off is a loss of the stepped-up basis on inherited assets, you will truly have a tax that affects EVERY farm/ranch estate.


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