and fails to mention wanting increased ethanol use which is what he called for during his campaign. No mention of it at all. Not even once.
why in gods green earth would he give the farmers anything, they are voting for him no matter what so no use offending anybody else to throw a sure vote a bone.
If you think there is nothing in this new tax bill for Ag you are way behind and need to read more about it...either that or you are just spouting ideology and do not want to know more, which sounds likely
Do you mean the fact that I can no longer deduct my local taxes ( ag land taxes). Looks like my renters will have to bring rents up to make up the difference, Im sure they are going to like that. Maybe the fact that all grain sales will have to go through a coop is good for them?
That is what I'm hearing from them but why don't you tell me what you see as being really advantages to the Farmers and our rural america ?
http://www.prairiefarmer.com/farm-policy/11-topics-trump-covered-his-speech-farmers-afbf-meeting here I a brief summary of what Trump talked about at th convention. And as I suspected you had no clue. please read and stop the whine because when the tides rises it raises all ships...finally a leader who knows where middle America is
the discussion was about the tax bill and what was in it that was beneficial to farmers and you come with a post that gives a lot of lip service to farmers, which I guess if you have a shallow mindset and a fragile ego makes one feel good about oneself. But the question still stands what did he put out on taxes that help you?
The only thing one can point to is the elimination of the inheritance tax which was already at 20 million exemption and indexed for inflation I believe.
So lets look how this works without any planning whatsoever you could leave your farming kid in most states 25-20 qtrs of farm land tax free upon your death. Now if you have lets say 18 qtrs of land that is roughly 2800 acres and so in most states you will pay about $25-$30 per acre in land taxes each year or about $80 grand in land taxes of which the tax deductibility of thoses land taxes ends at $10 grand so you pay 70,000 a year of non deductible taxes on that land at the 32% rate is near 22,500 in additional taxes you will owe every year for 40 years.
that's a lot of money to pay just to get ones fragile ego massaged
for the Trumpers it seems to be worth it.
As a registered independent I look at the policy and actions not lip service
well as an "Independent" one would thing the regulation pull back would be at the top of ones wish list. A growing economy helps everyone in many ways. The new tax reduces taxes...great. C-corps now pay 21% slight increase after 50,000. sect 179 bumps up.great...bonus depreciation increases to 100% great...sect 1031 and estate tax, doubles lifetime exemption and retains step up basis ..watch out for state taxes and dem control after 2026, they will try to reverse progress as usual. (% dpad deduction is eliminated. th new 20% deduction replaces it. We pay nearly 100/a on property tax and yet look for the bright side instead of whining about 30/a ..everyone should be so lucky. Seems like most every move this President makes he does so with the average Joe in mind.....just like he said 2 years ago before he slayed all the usual political hacks that he he beat from both sides.....more reasons a so called "independent " should be grateful
again -- even though his pull back on regulations is great that is not what you were talking about until now.
it was about taxes - 100% depreciation farmers are dealing with that folly currently when we had windfall profits ( back a few years ago ) the farmers took the 100% dep. write-off on their equipment and put it on payments with the equipment manufactures, they then in return used that "bonus" Money to run up land prices and now they have land and Machinery that they have to pay with on after tax income of which they don't have near enough of and that is how most will get themselves in trouble this year and the years to come.
I have not talked to any viable farmer that will net lower taxes because of this tax bill as it currently is written and most will see more than a $3,000 gain in taxes, while the government adds extra 1.5 to 2 trillion dollars (MO) to the debt because of this bill.
but of course the Trump family will make out like bandit's on this tax bill
and to think 40% of the country does not understand the true ramifications of this bill or are just such devoted trumpers that they can't face the facts of this tax bill.
If this tax bill had been proposed by Obama the screaming and hollering about how it is screwing the working class and especially the farmers would be unbearable.
Paying or not paying taxes has nothing to do with understanding taxes. Your profession ( farming ) as a whole understands the tax system better than almost anybody that draws a Paycheck, and are great at using that knowledge to avoid paying taxes.
from a net in net out look at revenue to the federal government the farm sector is a net draw from government coffers. That is the difference between understanding taxes and paying taxes.