Data Sets
" "  
Search ERS

 
Publications

Print this page Print | E-mail this link E-mail | Bookmark & Share Bookmark/share | Translate this page Translate | Text only Text only | resize text smallresize text mediumresize text large

The Taxpayer Relief Act of 1997: Provisions for Farmers and Rural Communities

Cover Image

James Monke, Ron Durst

Agricultural Economic Report No. (AER764) 36 pp, July 1998

Under the Taxpayer Relief Act of 1997, most farmers will pay less Federal income tax, and farm families will find it easier to transfer the family farm across generations. The new law--the tax portion of 1997 legislation to balance the Federal budget by 2002--emerges from years of debate on proposals for tax simplification, broad tax reduction, and targeted relief for capital gains and estate taxes. The legislation is expected to generate a net tax reduction of $95 billion over 5 years for all taxpayers. A number of general and targeted tax relief provisions will reduce Federal taxes significantly for farmers and other rural residents, but also will increase the complexity of both Federal income and estate taxes. Farmers are expected to save more than $1.6 billion per year in Federal income taxes and $150-200 million in Federal estate taxes.

Keywords: farm taxation, Federal income taxes, family farm, capital gains, estate taxes, tax reform, tax policy, agricultural assets, farm income variability

In this report ...

Chapters are in Adobe Acrobat PDF format.

Order this report (stock #ERSAER764)

Updated date: July 31, 1998

For more information, contact: webadmin@ers.usda.gov

Web administration: webadmin@ers.usda.gov