If Congress fails to extend current tax provisions, America’s farmers and ranchers will be forced to pay $9 billion more in federal taxes every year. Tax relief enacted by the 2017 Tax Cuts and Jobs Act (TCJA) is set to expire at the end of this year, which would lead to tax increases for almost two-thirds of families, including those in rural America.
In the latest Market Intel, American Farm Bureau Federation economists analyzed the impact of reverting to the previous tax code.
“The size of a federal tax bill can make or break farm profitability, particularly for small farms on the brink of breaking even,” the Market Intel states.
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