Potential Impact of Tax Reform on Farm Businesses and Rural Households

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By James M. Williamson (au); Ron Durst (au); Tacey Farrigan (au)
Year: 2013
Pages: 32
Binding Paperback
ISBN 978-1-4578-4388-4

Product Code: 1457843889

Description

Several proposals calling for fundamental reform of the Federal income tax system have been put forth. The primary elements of reform äóî eliminating tax preferences, restructuring capital gains and dividend tax rates, lowering rates on individual income, and reducing the number of tax brackets äóî could have a signi¥åcant impact on the after-tax income and well-being of both farm businesses and rural households. This report uses data obtained from the IRS, USDAäó»s Agricultural Resource Mngt. Survey, and the Am. Housing Survey to examine the current tax situation for farm households and to evaluate the importance of various Federal income tax policies. For farm households, the effect of reform will primarily depend upon changes to existing treatment of investment and business income, including several important business deductions. In contrast, changes to existing individual tax credits, especially refundable tax credits, will likely be of greater signi¥åcance to nonfarm rural households. Tables and figures. This is a print on demand report.

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