Administration Releases Proposed Tax Reform Plan
April 28, 2017
On Wednesday, April 26, the Trump administration released its proposed tax reform plan, including a simplified set of three tax brackets, lowered capital gains tax and business tax rate, and cutting deductions. Top of mind for agriculture, is the President’s plan to fully repeal the Death Tax. While many in agriculture are finding bright spots in the President’s plan, there are still a number of unanswered questions, including how this plan would address cash accounting, expensing of capital investments, like-kind exchanges and other provisions that have been critical tools for agricultural producers.
ASI policy calls for a tax policy that lowers the capital gains tax, makes income averaging permanent, supports favorable depreciation schedules and eliminates or significantly reduces the burden of the Death Tax and gift taxes. While many of these priorities were included in the President’s initial plan, ASI will continue to work with Congress and others in agriculture to ensure producers have access to a tax code that works given the cyclical nature of our business.