12 Oct 2017 --- US Secretary of Agriculture Sonny Perdue is strongly supporting the tax reform agenda championed by President Trump, hailing it as a great benefit to American agricultural producers. President Trump highlighted the tax reform proposals in an event in Pennsylvania recently featuring representatives of the trucking and agricultural industry.
“The President’s proposed tax cuts and reforms will boost job creation and growth across all American economic sectors, and agriculture is no different. Some of the benefits are self-evident, such as eliminating the 'Death Tax' on family farms or reducing the time and expense involved in merely complying with the onerous tax code,” says a Perdue statement.
“But others help agriculture in less obvious ways, as in easing the burden on truckers. Without the trucking industry, many products of American agriculture would have a much more difficult time getting to market.”
“Anything that helps keep trucks on the road and facilitates commerce is good for the farmers, ranchers, foresters, and producers of American agriculture,” he adds.
According to Trump, wages for US workers will go up when cash comes back into the US under a lower tax rate as the government eliminates the penalty of returning future earnings on money that is currently “parked” overseas.
The idea is that US corporations return some of the money, estimated at US$2.5 trillion, that is currently sitting in lower-tax countries, then reinvest that into a wage hike for workers.
However, there is no guarantee that companies will use the tax break to invest in employees.
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