Social Sciences
6 years ago

Tax Reform Act of 1986 Benefits Most Farm Sole Proprietorships, Except Dairy.

Staff Reports
ESTIMATING THE EFFECTS OF TAX REFORM ON FARM SOLE PROPRIETORSHIPS
Clifford V. Rossi

Paper Summary

The Tax Reform Act of 1986 reduced taxes for most farm sole proprietorships, except dairy farms. High-income farmers may pay more taxes, while lower rates and expensing rules balance out other changes. Off-farm income earners don't benefit much from the new law.

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