A friendly audience welcomed President Trump to Nashville on earlier this month as he addressed the American Farm Bureau Federation. One major reason: The administration’s $1.5 trillion tax cut, which the president signed into law in December. A major overhaul of the tax code, it lowers tax rates for family-owned farms that operate as corporations. Many individuals will see lower tax rates as well. In addition, the tax cut doubles the size of estates that can be passed onto heirs tax-free from $5.5 million to $11 million ($22 million for married couples). Farmers are still apprehensive about the administration’s threats to withdraw from the North America Free Trade Agreement (NAFTA) as it did the Trans-Pacific Partnership.
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