Farmers and ranchers could face higher estate taxes if Congress fails to act before the end of the year. The 2017 Tax Cuts and Jobs Act contains provisions that are set to end in 2025, many of which are beneficial to farmers and ranchers. Samantha Ayoub, an associate economist with the American Farm Bureau Federation, said that, without Congressional action, the estate tax exemption will drop to pre-2017 levels.
Ayoub said farm and ranch families are already going through a difficult time, and cutting the estate tax exemption would only make it worse.
Without additional changes to permanent tax law, farmers and ranchers are at risk.
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