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Ohio Farm Bureau members concerned about expiring tax cuts

Photo by Brownfield’s Erin Anderson.

Ohio Farm Bureau members are voicing their concerns about expiring provisions in the 2017 Tax Cuts and Jobs Act.

Ohio Farm Bureau’s senior director of state and national policy Brad Bales says large changes to estate taxes could be devastating for those without a succession plan. 

“The estate tax exemption is 13.1 million or 26.2 for a married couple,” he says. “If that does not get renewed or made permanent, that will go down to 5 million and 10 million respectfully in 2026.”

He tells Brownfield the organization wants certainty for their members.

“At a time where we have high input costs, we have inflation,” he says. “We need some certainty knowing that farmers are not going to take that $9 billion hit next year. That provides certainty.”

Bales says this is one of many issues farm bureau members are talking to their legislators about this week during the annual president’s trip in Washington DC.

AUDIO: Brad Bales, Ohio Farm Bureau