This statement can be attributed to Rich Felts, Kansas Farm Bureau president.
We applaud the passage today of the tax reform package, and look forward to the president signing it into law. Individual tax rates are going down, and with 94 percent of farmers and ranchers paying taxes as individuals, this is a welcome change.
The doubling of the estate tax exemption to $11 million per person will also provide relief to the vast majority of farmers and ranchers. The bill also provides the opportunity for farmers and ranchers to immediately deduct expenses like feed, seed, fertilizer and chemicals.
We appreciate the hard work by Congress, specifically Sen. Roberts who serves on the Senate Finance committee and Rep. Lynn Jenkins who serves on the House Ways and Means committee. We look forward to the bill becoming law.