Farmers and Ranchers Need Tax Cuts and Jobs Act Extended
Dustin Sherer
Director, Government Affairs
Chad Smith
Associate News Service Editor, NAFB
Dustin Sherer
Director, Government Affairs
Chad Smith
Associate News Service Editor, NAFB
The Tax Cuts and Jobs Act is set to expire at the end of this year, eliminating many beneficial provisions for farmers and ranchers. Chad Smith has details.
Smith: The 2017 Tax Cuts and Jobs Act is set to expire this year if Congress doesn’t take action. Dustin Sherer, director of government affairs for the American Farm Bureau Federation, says letting the Act expire would have significant impacts to agriculture and a majority of Americans.
Sherer: If nothing is done, there will be a tax increase at the end of the year that will hit farmers and ranchers in the pocketbooks, overall, ag will be taxed tens of billions of dollars more than they otherwise would, and we need to make sure that Congress does its job and makes these tax reforms permanent.
Smith: Sherer says the TCJA includes many provisions that are beneficial to lowering Americans’ tax bills.
Sherer: 65 percent of American households across the country are going to see a tax increase in the trillions of dollars. Farmers and ranchers, the overall tax rates that their business income is taxed at went down. The estate tax exemption was doubled from five and a half million to $11 million, indexed to inflation. A lot of important provisions to agriculture in these expiring provisions.
Smith: There are still several steps to renewing the legislation, the first of which is the reconciliation process between the Senate and House.
Sherer: February 20, the Senate passed its version of a budget resolution which only dealt with some energy provisions, some border policy, and some additional defense spending. And then the following week, the House passed a budget resolution that's aimed towards having one big, beautiful bill, as Speaker Johnson, and President Trump have referred to it, and so that happened on February 25.
Smith: Stay tuned to fb.org for the latest updates. Chad Smith, Washington.
What We're Saying
Tax Season in Bloom, But Key Provisions About to Wilt
Feb 26, 2025
READ MORE 
South Dakota Farm Bureau Prepares Members for Tax Advocacy
Feb 20, 2025
READ MORE
Testimony as Submitted by President Zippy Duvall to Senate Ag Committee
Feb 5, 2025
READ MORE
Farm Bureau Keeps Boots on the Ground During Busy Week in D.C.
Feb 4, 2025
READ MORE
