Hoeven stresses ag provisions in tax reform
Sen. John Hoeven, R-N.D., said today that agricultural tax provisions must remain in any tax reform bill that Congress passes.
Following a roundtable at the North Dakota Farm Bureau headquarters in Bismarck, Hoeven stressed the importance of including the following measures in the final bill to strengthen the ag economy:
▪ Reduce the tax burden on individuals and small businesses including farmers and ranchers. The framework limits the maximum tax rate for small and family-owned businesses to 25 percent, he said.
▪ Provide relief from the estate tax, while maintaining the step-up in basis for capital gains.
▪ Increased expensing for farmers and other small business owners. He said the framework allows, for at least five years, businesses to immediately expense, or write off, the cost of new investments. “This will benefit small businesses, including the state’s farmers and ranchers.”
▪ Maintain interest deductibility for small businesses.
Hoeven’s statement came a day after President Donald Trump spoke about tax reform at an event in Pennsylvania.
Although both Trump and Republican congressional leaders have said tax reform is a priority, there has been increasing speculation that some of the administration’s proposals, including elimination of the estate tax, and Trump’s statements are impractical.
House Speaker Paul Ryan, R-Wis., said today that Congress will work through Christmas if necessary to finish tax reform, Fox Business News reported.
–The Hagstrom Report