NDLI: The Potential Impact of Tax Reform on Farm Businesses and Rural Households

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The Potential Impact of Tax Reform on Farm Businesses and Rural Households

Content Provider	AgEcon Search
Author	Williamson, James M. Durst, Ron L. Farrigan, Tracey L.
Abstract	Several proposals calling for fundamental reform of the Federal income tax system havebeen put forth, including a report by the co-chairs of the National Commission on FiscalResponsibility. The primary elements of reform—eliminating tax preferences, restructuring capital gains and dividend tax rates, lowering rates on individual income, and reducing the number of tax brackets—could have a signifi cant impact on the after-tax income and well-being of both farm businesses and rural households. This report uses published and special tabulation data obtained from the Internal Revenue Service, farm-level data from USDA’s Agricultural Resource Management Survey, and data from theAmerican Housing Survey to examine the current tax situation for farm households andto 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 beof greater signifi cance to nonfarm rural households.
Related Links	https://ageconsearch.umn.edu/record/145318/files/EIB-107.pdf
Page Count	32
File Format	PDF
DOI	10.22004/ag.econ.145318
Language	English
Publisher Date	2013-01-01
Access Restriction	Open
Subject Keyword	Applied Economics Agricultural Economics Agri-economic Open Access Database Research in Applied Economics Research in Agricultural Economics Higher Study On Agricultural Economics Higher Study On Applied Economics Agricultural Research Documents Agrarian Economy & Research Higher Study Agri-economics Research in Economics Agri-economic Open Access Repository Statistics in Agricultural Economics Farm Households Tax Reform Income Tax Tax Rates Federal Tax Policy Farm Losses Refundable Credits Tax Deductions Rural Households Tax Preferences Agricultural Finance Public Economics
Content Type	Text
Resource Type	Report
Subject	Economics, Econometrics and Finance

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