What might happen to tax rates under new administration, Congress

With a new Congress and administration now in place, many farmers are left wondering what impact potential tax changes might have on the business and livelihood.

Roger McOwen with the Washburn School of Law speaks with RFD-TV’s own on what might happen to income tax rates, capital gains tax, corporate tax, and what type of planning farmers and ranchers should be doing.

According to McOwen, “We don’t have anything in a firm legislative proposal in terms of a bill... I think in terms of income tax rates and itemized deductions, we’ll probably see an increase at the top bracket level, at least on income tax rates... There is talk that the cut level would be $400,000 dollars of income, I think that means taxable income on up...”

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