Working Families Tax Cuts Package is Great for Farmers and Small Businesses

By Vice Chair Michelle Fischbach (MN-07) 

As a member of the Ways and Means Committee, which oversees tax and trade policy, among many other things, I was honored to play such a pivotal role in the development of the working families tax cuts package. The committee traveled the country, including holding an official hearing at a beef cattle operation in Kimball, a farm town in my rural Minnesota district. We heard the American people loud and clear and developed a recommendation to deliver for families, farmers, and small businesses like those in greater Minnesota. The people spoke, and we listened.

Do not be fooled by the misinformation coming from those who voted against these critical tax provisions. This bill is great for small businesses, and it is great for farmers. It cuts through unnecessary red tape and makes the 20% small business tax deduction permanent. It also doubles the small business expensing limit to $2.5 million, so owners can grow and invest in their operations. We also made the enhanced Death Tax exemption permanent and raised the amount to $15 million, making it easier for farmers to pass down their life’s work to the next generation without facing high transfer taxation costs.

Farmers should be glad to know that several provisions from the Farm Bill are included in the tax package. Programs are seeing a much-needed $66 billion in increased funding. Over $50 billion was provided to Title I Commodity programs, which will bolster reference prices for several commodities, building a strong agriculture industry. The bill also increases crop insurance subsidies, providing our farmers with a robust safety net, essential for producing our nation's food supply. Trade promotion programs will get additional support to strengthen trade relations and increase market access and development.

After four years of an administration that does not understand and does not care about rural America, I am so glad to see the return of common sense and an administration that fights for the American people.