The U.S. House Ways and Means Subcommittee on Tax Policy held a hearing on May 25 to discuss perspectives on the need for tax reform, hearing testimony from tax and policy analysts and accepting written statements from a variety of interested groups.
Subcommittee Chairman Charles Boustany (R-La.) indicated that the hearing was held in response to "persistent calls for reform of our broken tax code."
The American Farm Bureau Federation (AFBF) submitted a written statement to be included in the hearing record, supporting a number of key principles that would support farmers and ranchers. These included reform that addresses both individual and corporate taxes, avoiding the expansion of tax burden of farm and ranch businesses, allowing cash accounting, facilitating accelerated cost recovery for business expenses, repealing estate taxes, eliminating capital gains taxes and others.
AFBF expressed support for replacing the current federal income tax with a tax system that encourages success, savings, investment and entrepreneurship.
"We believe that the new code should be simple, transparent, revenue-neutral and fair to farmers and ranchers," AFBF said in the statement. "Agriculture operates in a world of uncertainty.
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