American voters are in favor of tax reforms to assist farmers ranch households and different agricultural small companies, a brand new survey has discovered.
American Farmers Want Tax Aid
In keeping with the examine, seven out of 10 voters agreed passing tax reform laws needs to be a precedence for Congress.
“Individuals are prepared for tax reform, and plenty of know the toll that taxes tackle our farm and ranch households,” American Farm Bureau Basis President Zippy Duvall stated within the launch asserting the survey outcomes.
Voters Categorical Help for Agricultural Tax Reforms
Greater than half of voters additionally backed particular tax reform provisions to learn farmers and ranchers.
A few of these provisions embrace:
- Permitting farmers to subtract equipment purchases within the 12 months these purchases are made,
- Permitting farmers and ranchers to common their revenue,
- Decreasing capital features taxes,
- Repealing the property tax.
Present Tax System Unfair, Say Polled Voters
By a major 3:1 margin, voters consider the present U.S. tax system is just not truthful to farmers in a number of regards.
The ballot additionally revealed some particular issues over sure tax provisions. For instance:
- Seventy-three p.c of these surveyed assist the flexibility of small companies to write down off business-related bills,
- By a 17-point margin, respondents consider farmers shouldn’t pay taxes once they promote farmland and use the cash to purchase completely different farmland,
- Three in 5 stated farmers or small companies shouldn’t pay taxes on tools gross sales if cash goes towards substitute.
Tax Price Reforms Wanted
The survey additionally discovered nearly all of voters (63 p.c) consider the federal revenue tax charges are too excessive.
Seventy-two p.c of surveyed voters stated they’d strongly assist lowering federal revenue tax charges for farmers.
There was additionally overwhelming assist for decrease federal revenue tax charges for small companies (80 p.c).
Duvall commented, “Congress should take motion to supply tax reduction, and farmers and ranchers can be sharing that message with their lawmakers till this job will get executed.”
Digital media and survey analysis firm Morning Seek the advice of surveyed 1,996 registered voters, on behalf of the American Farm Bureau Basis for this examine.
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Corn Harvester Photograph through Shutterstock