Tuesday, December 19, 2017
Illinois Farm Bureau® Statement – U.S. House Approval of Tax Reform
Illinois Farm Bureau applauds the U.S. House for approving historic changes to the nation’s tax code.
“This bill is good for farmers and ranchers,” said Richard Guebert, Jr., president of Illinois Farm Bureau. “An analysis by the American Farm Bureau Federation of H.R. 1 shows that farmers will pay a lower effective tax rate. In addition, provisions including across-the-board cuts in individual tax rates and relief for ‘pass-through’ small businesses will enable most farms to reinvest and grow their businesses. Tax reform was long overdue. It has taken on added importance now as farmers experience a fifth consecutive year of declining net farm income.”
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