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Grassley concerned looming tax changes could hurt farm families

Farmers could see a very different tax landscape in 2025.

U.S. Senator Chuck Grassley says with the expiration of the 2017 Tax Cuts and Jobs Act, the estate tax will likely be cut in half.

“And I think that would be a major concern.”

During a call with ag reporters Tuesday morning, the Iowa Republican said he’s also concerned about the 20 percent tax deduction for pass through income expiring.

“That affects small businesses and farmers, but it would surely affect farmers.”

The Qualified Business Income Deduction allows small business owners to deduct up to 20 percent of their net income from their income taxes.

Grassley says another tax uncertainty involves unrealized gains and possible implications for farmland values.