Tax Plans That Favor Ag

I'm Susan Allen. Hillary Clinton and Donald Trump are now out with their tax plans and it should come as no surprise there are significant differences in key areas that affect agriculture.

Clinton would keep taxes the same for most Americans, but add an extra bracket for the highest earners to help pay for programs like free college for students from low and middle-income families. Trump proposes three tax brackets and cutting the corporate tax rate in half.

Of keen interest to agriculture, Trump proposes ending the Estate Tax, or "Death Tax," entirely. Clinton would reduce how much can be excluded from the tax and raise the tax rate above current levels.

Ohio Republican Steve Stivers, during last year's House debate and vote to end the Estate Tax that failed to advance in the Senate, says the tax destroys farms

STIVERS: "Unfortunately when you have the power to tax something you have the power to destroy it . When these assets trigger the tax in the death tax what many times happen is part of the family farm or family business has to be sold or liquidated taken away from the family just to just to pay the tax collector."

He argued family farms should be able to pass on to the next generation what's already been taxed, instead of paying more taxes.

Meanwhile, both presidential candidates want to bring back jobs to the U.S. from overseas through tax breaks or incentives, but Trump would put new regulations on hold. Proposed rules like the Environmental Protection Agencies Waters of the U.S. rule are seen as a threat to agriculture and a power grab.