Updated Tax Savings / Cost Examples
About three weeks ago we did a post on whether your income tax from farming would go up or down under tax reform. Since the Senate has now passed their bill, we are providing a new updated table to reflect the new 23% tax deduction for farm income (the old rate was 17.4%).
Here is the old table:
Here is the new table:
As you can see, the savings from the Senate proposal is even greater than what was in the old proposal.
We will keep you posted.