Survey: American Farmers Need Broad Tax Relief

American voters are in favor of tax reforms to support farmers ranch families and other agricultural small businesses, a new survey has found.

American Farmers Need Tax Relief

According to the study, seven out of 10 voters agreed passing tax reform legislation should be a priority for Congress.

“Americans are ready for tax reform, and many know the toll that taxes take on our farm and ranch families,” American Farm Bureau Foundation President Zippy Duvall said in the release announcing the survey results.

Voters Express Support for Agricultural Tax Reforms

More than half of voters also backed specific tax reform provisions to benefit farmers and ranchers.

Some of these provisions include:

• Allowing farmers to subtract machinery purchases in the year those purchases are made,
• Allowing farmers and ranchers to average their income,
• Reducing capital gains taxes,
• Repealing the estate tax.

Current Tax System Unfair, Say Polled Voters

By a significant 3:1 margin, voters believe the current U.S. tax system is not fair to farmers in several regards.

The poll also revealed some specific concerns over certain tax provisions. For example:

• Seventy-three percent of those surveyed support the ability of small businesses to write off business-related expenses,
• By a 17-point margin, respondents believe farmers should not pay taxes when they sell farmland and use the money to buy different farmland,
• Three in five said farmers or small businesses should not pay taxes on equipment sales if money goes toward replacement.

Tax Rate Reforms Needed

The survey also found the majority of voters (63 percent) believe the federal income tax rates are too high.

Seventy-two percent of surveyed voters said they would strongly support decreasing federal income tax rates for farmers.

There was also overwhelming support for lower federal income tax rates for small businesses (80 percent).

Duvall commented, “Congress must take action to provide tax relief, and farmers and ranchers will be sharing that message with their lawmakers until this job gets done.”

Digital media and survey research company Morning Consult surveyed 1,996 registered voters, on behalf of the American Farm Bureau Foundation for this study.

Corn Harvester Photo via Shutterstock

This article, "Survey: American Farmers Need Broad Tax Relief" was first published on Small Business Trends