Tax bill would benefit farmers

posted Jan. 22, 2018 8:46 a.m. (CDT)
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To the editor:

The opinion piece by Congressman Ron Kind, D-La Crosse, in the Jan. 3 The Country Today notwithstanding, the tax bill passed exclusively by Republicans will be very beneficial to farmers.

Provisions that will be very helpful to farmers include the doubling of the estate tax exemption, a 20 percent income deduction for business income payments from cooperatives and farmland rent, immediate 100 percent write-off of some equipment and accelerated depreciation for other purchases, the doubling of the individual standard deduction, the increased threshold and indexing for inflation of the Alternative Minimum Tax, the child tax credit increase and marginal rate reductions.

The net operating loss carryback is two years, which Kind misstated.

Unfortunately, the Republicans were “cowed” into some limiting provisions because of the “tax cuts for the rich” misrepresentation and “nonpartisan” projections of impact on the budget which do not allow for the positive effects of economic stimulation on government tax revenues.

The first tipoff that Congressman Kind’s negative article has purely partisan intentions is that he cites the Tax Policy Center as nonpartisan, which it is not. It was founded by the liberal Brookings and Urban institutes, both of which regularly oppose tax cuts.

No Democrat supported tax relief because they have become an anti-worker, pro-government dependency party. Remember, it’s your money, not theirs.

Phil Henkel

Rice Lake

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