A study conducted by the Texas A&M Agriculture Food and Policy Center considers how proposed changes in the current tax law would impact agriculture. More farms and ranches would pay more in taxes. Using a database of 94 farms across 30 different states, including the Dakotas, the Food and Ag Policy Center analyzed different scenarios. If the Sensible Taxation and Equity Promotion (STEP) Act or the 99.5% Act are adopted, many of the farms would incur additional tax liabilities. This ranges from more than $726,000 for most farms under the STEP Act to an average of $2.17 million for half of the farms under the 99.5% Act. Read the study.
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