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

James D. Monke and Ron L. Durst

No 33905, Agricultural Economic Reports from United States Department of Agriculture, Economic Research Service

Abstract: 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: Agricultural Finance; Public Economics (search for similar items in EconPapers)
Pages: 31
Date: 1998
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://ageconsearch.umn.edu/record/33905/files/ae980764.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:uerser:33905

DOI: 10.22004/ag.econ.33905

Access Statistics for this paper

More papers in Agricultural Economic Reports from United States Department of Agriculture, Economic Research Service Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().