How TCJA Expiration May Affect Most Farmers

The USDA Economic Research Service just released a report on how TCJA expiration after 2025 will affect most farmers.

Mar 11, 2024

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red wooden barn under blue sky during daytime — Photo by sawyer on Unsplash

The USDA Economic Research Service just released a report indicating that most farm households will face a tax increase if the Tax Cuts and Jobs Act tax changes expire after 2025.

Most progressives assume that the Tax Cuts and Jobs Act only helped “rich” taxpayers, but the reality is that most lower income households enjoyed a material reduction in income taxes due to the increase of the child tax credit from $1,000 to $2,000. Also, many more farm families qualified for the child tax credit due to the expansion on the income thresholds from $110,000 up to $400,000 for married couples.

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