The Trump administration released its tax reform proposal on Wednesday. President Trump is proposing cutting individual tax rates and the corporate tax would drop from 35 to 15-percent. The President’s proposal also repeals the estate tax. South Dakota Farm Bureau President Scott VanderWal thinks that will be helpful for business and agriculture.

Under the plan, many exemptions would also be eliminated. However, VanderWal wants the exemption for interest paid to stay in place because its critical for farmers and ranchers.

He’s hoping Congress will work together to get tax reform legislation approved this year.

VanderWal says it’ll take some time for Congress to pass tax reform as they’ll need to take up health care first.