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

by Tia 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.

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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.

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

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