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Makes Rural America Great Again

Immediate Tax Relief to Farmers, Ranchers, & Small Businesses in Rural America

  • Permanent Death Tax Relief.
    • Prevents Death Tax from hitting over 2 million family-owned farms who would otherwise see their limitation cut in half. Further raises exemption level ($15 million per individual, $30 million for married couples) to ensure family-owned farms and ranches can be passed down to the next generation.
  • Permanent Small Business Deduction.
    • 98% of farms in the U.S. are pass-throughs. Prevents the Small Business Deduction from ever expiring and makes it permanent at 20%.
  • Permanent 100% Immediate Expensing.
    • Ensures farmers can expense machinery today that secure tomorrow’s harvests.
  • Permanent Doubled Small Business Expensing.
    • Increases section 179 Small Business Expensing threshold to $2.5M. Agricultural industry utilizes one-fifth of all Small Business Expensing deductions across the American economy.
  • Immediate Expensing for NEW manufacturing/production structures in America.
    • Boosts cost recovery for new agricultural and farm production investments in Rural America.
  • Renews Opportunity Zone (OZ) program to better target Rural America.
    • Provides new OZ incentive to drive $100B of investments to rural and underserved areas.

Puts America’s Heartland First

  • Makes lower tax rates and brackets, doubled Guaranteed Standard Deduction, and Child Tax Credit from the 2017 Trump Tax Cuts permanent.
    • Making these provisions permanent stops the $1,700 tax hike on American families.
    • Further increases the Standard Deduction and Child Tax Credit permanently.
  • Protects Rural America’s ability to help deliver fuels for America.
    • Ensures American farmers are not crowded out by Chinese cooking oil and other foreign imports in liquid fuel production markets.
  • Lowers the cost of borrowing for America’s farmers.
    • Reduces the tax burden on interest income for loans secured by real property for agricultural production.
  • Helps farmland stay in farming production.
    • Reduces the tax burden on America’s agricultural land and keeps it in production for the next generation of farmers and producers.
  • Raises the 1099-MISC threshold from $600 to $2,000.
    • Lowers the administrative burden for small farmers and ranchers employing temporary and seasonal workers or small on-farm contract jobs.

Extending Trump’s Tax Cuts Will Make Rural America Great Again After Neglect Under Joe Biden

  • Following the enactment of the 2017 Trump Tax Cuts, small- and medium-sized family farms saw their effective tax rates decrease by up to 6%.
  • Had the rates and brackets from the Trump Tax Cuts expired, farm households would see their tax liabilities increase by nearly 12%.
  • If the 199A Small Business Deduction was allowed to expire, family farms utilizing the deduction would have seen their tax bill increase by $2,500.
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