Today, along with several other agricultural representatives, Western Growers Senior Director of Federal Affairs Ken Barbic met with Treasury Secretary Steve Mnuchin to discuss tax reform priorities for farmers across the country.
Taking place in the White House’s Roosevelt Room, the meeting was one of several ongoing tax reform listening sessions being held by the Trump Administration. The Administration expects more detailed proposals to be released later in the summer and wants to move tax reform legislation before the end of the year.
Barbic and others impressed upon Secretary Mnuchin that agriculture is different from other industries and explained that while rate reductions are important, it is critical to retain other key provisions utilized by farmers, such as 1031 exchanges, stepped-up basis and interest deductibility.
Barbic noted that, “Secretary Mnuchin was very interested in hearing how the agricultural economy works, including how profit and loss cycles, capital requirements and weather and market volatility present unique tax planning challenges for farmers.”
During the meeting, Secretary Mnuchin cautioned that tax reform will not be “perfect” for each industry, but stated that the goal is to improve the overall system.
As tax reform discussions between the Administration and Congress accelerate, Western Growers will continue to engage with key stakeholders on behalf of the fresh produce industry.
For more information, please contact Ken Barbic at (202) 296-0191.