News

Farmer talks estate tax reform impact

An Indiana farmer says the repeal of the estate tax would have a positive impact for farmers across the country who are transitioning their farm from one generation to the next.

Kip Tom is the owner and CEO of Tom Farms in northern Indiana. He says the current estate tax, also known as the death tax, impacts his family farm.

“We’ve really invested capital, we’ve taken risks, and put it right back through this business to make sure we’re one of the many farms that plays a role in feeding that growing global population,” he says. “We hate to see the efforts of that be diminished or slowed down just because of a policy issue on taxes.”

He tells Brownfield although there are varying opinions on the death tax, it slows job growth and income for “everyday hardworking Americans.”

“I know there are some people out there that say it doesn’t impact that many, but if you’re one of the farms it impacts it’s a big deal,” he say.

Tom serves on Trump’s agricultural advisory committee.

President Trump discussed repealing the estate tax last week at the Indiana State Fairgrounds. While most of the Ag industry supports the repeal of the estate tax, it is uncertain whether the tax plan will have enough support from Congress for a full repeal.

Audio: Kip Tom, Tom Farms