Farm Households Face Larger Tax Liabilities When Provisions of the Tax Cuts and Jobs Act of 2017 Expire

Farm Households Face Larger Tax Liabilities When Provisions of the Tax Cuts and Jobs Act of 2017 Expire

McDonald, Tia M. ; Durst, Ron

2024

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Abstract

The 2017 Tax Cuts and Jobs Act (TCJA) made significant changes to Federal individual income and estate tax policies. Federal income and estate tax policy modifications can affect not only the financial well-being of farm households but also the number and size of farms, so these changes are of considerable importance to family farms. Several of the TCJA changes to Federal individual income and estate tax policies were temporary and are scheduled to expire by the end of 2025.

Details

Title Farm Households Face Larger Tax Liabilities When Provisions of the Tax Cuts and Jobs Act of 2017 Expire

Keywords

tax policies ; Tax Cuts and Jobs Act; Federal income tax policy ; Federal estate tax policy ; Child Tax Credit ; alternative minimum tax ; qualified business income deduction ; QBID; AMT; Agricultural Resource Management Survey; ARMS; Bonus depreciation ; farm households; farm typology

Author(s) McDonald, Tia M.
Durst, Ron

Subject(s)

Agribusiness
Consumer/Household Economics
Financial Economics
Political Economy

Issue Date Mar 06 2024

Publication Type Journal Article

DOI and Other Identifiers 10.22004/ag.econ.341308

Record Identifier https://ageconsearch.umn.edu/record/341308

ISSN 1545-8741

Language English

Published in Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America

Volume 2024

Record Appears in United States Department of Agriculture (USDA) > Economic Research Service > Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America

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