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farmers: Now you can keep your farms in the family
President Trump says tax reform has ended the 'death tax' that unfairly punishes American farmers.
President Trump on Monday declared that the ?American dream is roaring back to life,? arguing during a speech at a farming convention in Tennessee that the recent tax bill he signed into law will yield great benefits for the country?s farmers.
?In every decision we make, we are honoring America's proud farming legacy,? the president said at the American Farm Bureau Federation?s Annual Convention in Nashville.
Trump touted how the new tax law now allows farmers to immediately write off 100 percent of new equipment.
President Donald Trump speaks at the American Farm Bureau Federation's Annual Convention at the Gaylord Opryland Resort and Convention Center, Monday, Jan. 8, 2018, in Nashville, Tenn. (AP Photo/Andrew Harnik)
President Donald Trump speaks at the American Farm Bureau Federation's Annual Convention at the Gaylord Opryland Resort and Convention Center, Monday, Jan. 8, 2018, in Nashville, Tenn. (AP Photo/Andrew Harnik)
?That is something that I think will be the sleeper of the bill,? Trump said. ?You deduct it all in one year as opposed to over many years.?
Trump also talked up how the new tax law rolled back the estate tax by doubling the exemption threshold, meaning few farmers would have to pay those taxes. Trump told the crowd that family farms and small businesses will now be spared the ?punishment? of ?the deeply unfair estate tax.?
?So you can keep your farms in the family,? he said, acknowledging to the crowd that the provision ?was a tough one to get approved.?
President Trump says tax reform has ended the 'death tax' that unfairly punishes American farmers.
President Trump on Monday declared that the ?American dream is roaring back to life,? arguing during a speech at a farming convention in Tennessee that the recent tax bill he signed into law will yield great benefits for the country?s farmers.
?In every decision we make, we are honoring America's proud farming legacy,? the president said at the American Farm Bureau Federation?s Annual Convention in Nashville.
Trump touted how the new tax law now allows farmers to immediately write off 100 percent of new equipment.
President Donald Trump speaks at the American Farm Bureau Federation's Annual Convention at the Gaylord Opryland Resort and Convention Center, Monday, Jan. 8, 2018, in Nashville, Tenn. (AP Photo/Andrew Harnik)
President Donald Trump speaks at the American Farm Bureau Federation's Annual Convention at the Gaylord Opryland Resort and Convention Center, Monday, Jan. 8, 2018, in Nashville, Tenn. (AP Photo/Andrew Harnik)
?That is something that I think will be the sleeper of the bill,? Trump said. ?You deduct it all in one year as opposed to over many years.?
Trump also talked up how the new tax law rolled back the estate tax by doubling the exemption threshold, meaning few farmers would have to pay those taxes. Trump told the crowd that family farms and small businesses will now be spared the ?punishment? of ?the deeply unfair estate tax.?
?So you can keep your farms in the family,? he said, acknowledging to the crowd that the provision ?was a tough one to get approved.?