GOP Tax Reform Will Benefit Texas Farmers and Ranchers
USDA Study Confirms Widespread Tax Relief from the Tax Cuts & Jobs Act
by John Cornyn on July 13, 2018 at 7:31 AM
The U.S. Department of Agriculture released a study estimating the positive effects the Tax Cuts and Jobs Act will have on farmers and ranchers. The study found that the average farm household in each commodity specialization is estimated to owe less taxes under the new tax reform bill, and that if the Tax Cuts and Jobs Act had been in effect in 2016:
- The average family farm household would have paid less taxes (13.9% versus 17.2%).
- Family farms of all sizes would have paid less taxes--anywhere from 3 percentage points to 5.8 percentage points.
- Many types of farmers and ranchers, including beef cattle producers and those who grow fruits, nuts, vegetables, and major row crops, would have paid less in 2016 as well.
The Tax Cuts and Jobs Act was signed into law on December 22, 2017.