Northern Ag Network
Northern Ag Network
Northern Broadcasting System    Northern News Network    Northern Sports Network
Search This Site...
Search This Site...

Featured Stories

OPINION - Tax Reform Needs to Include These Five Principles

OPINION - Tax Reform Needs to Include These Five Principles

10/11/2017 3:00:00 PM/Categories: Popular Posts, Today's Top 5, Opinions

Tax reform has recently taken center stage in Congress, and the discussions and news stories are heating up. Farmers and ranchers are especially interested in the discussion, as agriculture is a high-risk, high-input, capital-intensive business that needs certain provisions in the tax code essential for success. Any reform of the tax code should embrace the following five principles to make the code simpler, more transparent, revenue neutral and fair to farmers and ranchers

 

  • Be Comprehensive: Tax reform should help all farm and ranch businesses, including sole proprietors, partnerships and sub-chapter S corporations.
  • Effective Tax Rate: Tax reform should reduce combined income tax rates enough to account for any deductions or credits lost.
  • Cost Recovery: Tax reform should allow businesses to deduct expenses when incurred, including business interest expense, use of cash accounting and keep Section 1031 "like-kind exchanges."
  • Estate Taxes: Tax reform should repeal estate taxes and continue stepped-up basis, which sets the value of land and buildings at what the property is worth when inherited.
  • Capital Gains Taxes: Tax reform should lower taxes on capital investments. Capital gains taxes should not be levied on transfers at death.


I urge farmers or ranchers and actually everyone with a keen interest in agriculture (do you eat?) to contact Senators Jon Tester and Steve Daines, as well as Congressman Greg Gianforte, to reform the tax code so that it is simpler, more transparent, revenue neutral and fair to farmers and ranchers. It’s essential to all of us.

 

 

Gina Stevens is vice-chair of the Montana Farm Bureau Tax Committee. She is a  tax preparer  for an accounting firm, as well as a rancher from Hardin.


Photo: NAN


Print

Leave a comment

Name:
Email:
Comment:
CAPTCHA image
Enter the code shown above in the box below
Add comment

Name:
Email:
Subject:
Message:
x

Recent Ag News

LMA applauds Congressman Marshall’s introduction of SALE Act

10/22/2017 8:24:00 AM
The Livestock Marketing Association (LMA) applauds Congressman Roger Marshall (R-KS) on his introduction of the Securing All Livestock Equitably (SALE) Act, H.R. 4058. The SALE Act would amend the Packers and Stockyards Act, helping to provide sellers of livestock with payment protection during dealer payment defaults. >> Read More
Article rating: No rating

October Cattle on Feed Report Bearish

10/21/2017 5:00:00 AM

The October Cattle on Feed Report looks bearish for cattle market on Monday.

>> Read More
Article rating: No rating

In glyphosate review, WHO cancer agency edited out “non-carcinogenic” findings

10/20/2017 10:23:00 PM
The World Health Organization's cancer agency dismissed and edited findings from a draft of its review of the weedkiller glyphosate that were at odds with its final conclusion that the chemical probably causes cancer. >> Read More
Article rating: No rating

Montana Soldiers Go To France

10/19/2017 11:20:00 AM

In 1917 the town of Ekalaka gathered to send many young men to fight in World War I. 

>> Read More
Article rating: No rating

U.S. Military Loves American Wool

10/18/2017 10:50:00 PM
Wool is one of the world's most diverse natural fibers. It's this diversity that has made the U.S. military the American wool industry's number one customer. >> Read More
Article rating: No rating
RSS

Find Articles by Date

«October 2017»
MonTueWedThuFriSatSun
2526272829301
3467
131415
1819202122
23242526272829
303112345