October 12, 2017

NDFB hosts Hoeven tax reform roundtable

Topic: Events

U.S. Senator John Hoeven spent Thursday morning, Oct. 12, at NDFB’s Bismarck office listening to farmers, ranchers, agriculture leaders and small business owners about their priorities for tax reform. Hoeven also presented more details on the proposed tax reform package.
“From the farmer and rancher’s side, we’ve got to hang on to that stepped-up basis,” said NDFB President Daryl Lies. “Along with that, we don’t believe death should be taxed.”
Other key areas for NDFB are interest deductions and the capital gains tax.
“Agriculture is different from most other small business entities, as we deal with variables such as weather, disease and markets which we can’t control,” said Lies.  “Our concern is what the effective tax rate will be.“
The rate farmers and ranchers pay, including deductions and expenses, has a greater impact on their bottom line. The difference for farmers and ranchers, unlike storefront businesses, is that they do not have the ability to pass along production costs directly to consumers.
For Senator Hoeven’s release on today’s tax reform roundtable, please click here.