Majority in favor of repealing the estate tax, decreasing capital gains taxes and other provisions that would benefit farmers.
A survey conducted by Morning Consult on behalf of the American Farm Bureau Federation in July found that seven out of 10 voters agreed passing tax reform legislation should be a priority for Congress.
More than half of voters polled also expressed support for specific tax reform provisions that would benefit farmers and ranchers, such as:
- Allowing farmers to deduct machinery purchases in the year those purchases are made
- Allowing farmers and ranchers to average their income
- Decreasing capital gains taxes
- Repealing the estate tax
Sixty-three percent of the 1,996 registered voters polled said federal income tax rates are too high. Seventy-two percent support lower federal income tax rates for farmers, a matter supported strongly across party lines.
Voters overwhelmingly recognize the current U.S. tax system is unfair to farmers in many regards. Two in three voters went so far as to say that farmers and ranchers should be extended special tax treatment due to the combination of challenges and risks that are specific to agriculture. That sentiment was shared across party lines.
Related: Farm managers hope to see tax reform sooner rather than later. Click here.