News
AFBF & NFU leaders disagree on “199A fix”
The American Farm Bureau supports the fix to the Section 199A deduction in the new federal tax law but the National Farmers Union is calling on Congress to reject it. Farm Bureau President Zippy Duvall says that section had the unintended consequence of distorting commodity markets and treating farm and ranch businesses differently if they did not sell to a cooperative. He says the solution fixes those problems and Farm Bureau supports its inclusion in the pending 2018 omnibus spending bill.
NFU President Roger Johnson says the addition of Section 199A was meant to level the playing field for cooperatives. He says to repeal parts of that tax break would “strike at the single most important benefit family farmers received from tax reform” because it includes wage limitations and reduces a farmer’s gross sales deduction on taxable income if they do business with a co-op.
Remember that the large private corps got their income taxes lowered to 21% forever. The coops and farmers did not. This was to make up for that. And now they want to take it away! Shame on FB.