President Trump visited Minnesota this week and held an agricultural round table with producers. Minnesota Farm Bureau President Kevin Paap says they discussed the Tax Cuts and Jobs Act that went into effect last year. He says the legislation included important tax provisions for agriculture, including an increase in the estate tax exemption.
He says the tax legislation also reduced tax rates, offered a new business income deduction, immediate cost recovery and the very important stepped-up basis provision.
Paap says the President also talked about trade and they’re hopeful the administration will follow through with a deal to settle the trade war with China.
Paap says they also want to see a bilateral deal with Japan and the ratification of the USMCA trade pact.
