Skip to main content
Skip to main content

Official websites use .gov
A .gov website belongs to an official government organization in the United States.

Secure .gov websites use HTTPS
A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

Tax liability increases after Tax Cuts and Jobs Act provisions expire for tax rates, deductions, and personal exemptions

  • by Tia M. McDonald and Ron Durst
  • 3/6/2024
  • Federal Tax Issues
Bar chart showing increase in average amount of tax liability, in dollars and percentage, for family farms classified as small (retirement, off-farm occupation, low sales, and moderate sales), midsize, large, and very large, and all farm households.

Download chart image

The 2017 Tax Cuts and Jobs Act reduced tax liabilities through changes to several income and business tax policies. When those expire in 2025, the combined effect would raise tax liabilities for family farms, with moderate-sized farms experiencing the largest percentage increase.

Like this chart?

You may also like Charts of Note.

Check it out