Tax Reforms Hold Promise

With the Fruit Grower Report, I'm Susan Allen. House Republicans' plan to reform the tax code would make significant changes for businesses and lower tax rates. American Farm Bureau Federation tax specialist Pat Wolff calls the plan a bold new approach that would benefit farmers

Wolff: The immediate deduction of all business inputs so that would be equipment, building and animals.

Whether you are an orchardist or grow grapes... or maybe you do both, you face hard-to-predict weather and market changes. However, Wolff says this plan would eliminate uncertainty in the tax code

This proposal is an encompassing, long-term permanent change to the tax code; farmers would know for sure how certain business decisions would impact their bottom

She says releasing the plan this month is a sign of what's to come if Republicans remain in power in the U.S. House next year.

It's a campaign piece that lays out what's ahead, but there's enough detail here that we know it's a real plan a plan that can easily be turned into legislation.

And the orchardist I know are hoping that the political stars align so that they can better map out their financial future. Thank you, Pat Wolff, tax specialist with the American Farm Bureau Federation.