Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm Programming Radio Oklahoma Network  |  7401 N. Kelley Ave. Oklahoma City, OK 73111  |  (405) 841-3675  |  Fax: (405) 841-3674

advertisements
   
   
   
   
   
   
   
   

Agricultural News


Farm Bureau's Scott VanderWal Implores Congress to Lift Tax Burden on Farm and Ranch Families

Thu, 13 Jul 2017 11:11:16 CDT

Farm Bureau's Scott VanderWal Implores Congress to Lift Tax Burden on Farm and Ranch Families Farm and ranch families need a permanent tax code that boosts the agricultural economy and frees them to reinvest in their businesses, Scott VanderWal, a South Dakota farmer, told the House Ways and Means Subcommittee on Tax Policy today.


“Farmers and ranchers operate under tight profit margins, often for rates of return that are modest compared to other businesses,” VanderWal said. “Our businesses are also cyclical where a period of prosperity can be followed by one or more unprofitable years.”


Farming is challenging under the best circumstances, with uncontrollable weather, disease outbreaks and unpredictable markets, said VanderWal, who also serves as vice president of the American Farm Bureau Federation and president of South Dakota Farm Bureau. On his family farm in Volga, South Dakota, VanderWal has seen the price of corn go as high as $7.60 per bushel to as low as $2.80 per bushel in the last 10 years. Nationwide, net farm income has been cut nearly in half since 2011.


“Reducing effective tax rates is the most important thing that tax reform can do to boost farm and ranch businesses,” said VanderWal. “Every dollar that we pay in taxes is a dollar that could be reinvested back into our farm, help lift my community and contribute to a robust agricultural economy.” That’s an investment the U.S. economy can’t afford to lose: In 2015, agriculture and related industries contributed $992 billion to U.S. gross domestic product and provided about 11 percent of U.S. employment.


While emphasizing the importance of lower tax rates, VanderWal also urged lawmakers to consider the broader impact of tax provisions on the effective rates farm and ranch families pay.


“Because our profit margins are tight, we are more likely to fall into lower tax brackets,” he said. “Tax reform plans that fail to factor in the impact of lost deductions, credits and exemptions for all rate brackets could result in a tax increase for agriculture.”



Source - American Farm Bureau Federation




   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Wednesday Preopening Market Update with Dave Lanning  Wed, 22 Nov 2017 07:06:37 CST
  • This Week on SUNUP - Kim Anderson Cautions Farmers About the Siren Song of Growing Cotton  Tue, 21 Nov 2017 16:26:40 CST
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Tuesday, November 21, 2017  Tue, 21 Nov 2017 14:29:53 CST
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Tuesday, November 21, 2017  Tue, 21 Nov 2017 14:29:25 CST
  • Tuesday Market Wrap-Up with Justin Lewis  Tue, 21 Nov 2017 14:21:38 CST
  • Tuesday Afternoon Market Wrap-Up with Carson Horn  Tue, 21 Nov 2017 14:10:45 CST
  • Noble Research Institute Picks Up $5 Million Grant to Study Legumes Ability to Access Soil Nutrients  Wed, 22 Nov 2017 04:51:44 CST
  • Gubernatorial Candidate Todd Lamb Announces List of Appointees to His Ag Advisory Committee  Tue, 21 Nov 2017 12:11:19 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Livestock Exchange Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show Stillwater Milling American Farmers & Ranchers KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com


       
       
    © 2008-2017 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup

    WebReady powered by WireReady® NSI