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Accession Number PB2013-104773
Title Potential Impact of Tax Reform on Farm Businesses and Rural Households.
Publication Date Feb 2013
Media Count 32p
Personal Author J. M. Williamson R. Durst T. Farrigan
Abstract Several proposals calling for fundamental reform of the Federal income tax system have been put forth, including a report by the co-chairs of the National Commission on Fiscal Responsibility. The primary elements of reform eliminating tax preferences, restructuring capital gains and dividend tax rates, lowering rates on individual income, and reducing the number of tax brackets--could have a significant impact on the after-tax income and well-being of both farm businesses and rural households. This report uses published and special tabulation data obtained from the Internal Revenue Service, farm level data from USDA's Agricultural Resource Management Survey, and data from the American Housing Survey to examine the current tax situation for farm households and to evaluate the importance of various Federal income tax policies. For farm households, the effect of reform will primarily depend upon changes to existing treatment of investment and business income, including several important business deductions. In contrast, changes to existing individual tax credits, especially refundable tax credits, will likely be of greater significance to nonfarm rural households.
Keywords Agricultural economics
Businesses
Capital gains
Economic impact
Farms
Households
Income tax
Losses
Rural areas
Surveys
Tax credit
Tax policy
Tax rates
Tax reform
Taxes

 
Source Agency Economic Research Service
NTIS Subject Category 98B - Agricultural Economics
96A - Domestic Commerce, Marketing, & Economics
Corporate Author Economic Research Service, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1310
Contract Number N/A

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