House Ways and Means Committee Chairman Dave Camp has unveiled a new tax reform proposal. It calls for lowering income tax rates for most Americans and businesses but also reducing or eliminating key tax breaks. South Dakota Farm Bureau President Scott Vanderwal says ag exemptions need to be left in the reform. He says however that Camp’s idea to make taxes simpler is a good move.
Camp’s plan calls for reducing the number of individual income tax brackets from seven to three and raise the standard deduction to 11 thousand for individuals and 22 thousand for couples. Vanderwal says while that’s positive, it’s important as reform goes forward, taxes aren’t raised in the process.
Vanderwal says tax reform also needs to leave in cash accounting which agriculture needs to have as a tool to manage their finances.
Camp has unveiled his plan even though some say Congress may not get around to actually working on tax reform until 2017.