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This article examines the potential consequences of certain provisions of the Tax Cuts and Jobs Act of 2017 expiring on the tax liabilities of farm households. The provisions that will have the greatest impact include reduced marginal tax rates, the qualified business income deduction, and the expanded Child Tax Credit. If these provisions expire, farm households can expect higher tax liabilities, with moderate-sales farm households experiencing the largest percentage increase. The article also discusses the expiration of estate tax provisions, which would result in a higher percentage of farm operator estates owing tax. The information in this document is based on a study conducted by Tia M. McDonald and Ron Durst in February 2024 and includes sales data for different sizes of farms and households, as well as information on estate tax exemptions. The article suggests that a decrease in the estate tax exemption could have implications for family farms. It also provides additional resources for further research on the Farm Bill, federal tax issues, and the effects of the Tax Cuts and Jobs Act on farms and households. [Extracted from the article]

The article discusses the financial performance of African-American farms in the United States compared to farms operated by individuals of other races. It highlights that African-American farms generally had lower total value of production, net cash farm income, and government payments. The article also mentions that African-American farmers have historically had limited access to government support programs due to the small size of their farms. The COVID-19 pandemic has brought renewed attention to the economic challenges faced by minority farmers, leading to the creation of an equity commission and increased funding for outreach and assistance programs. The article concludes by discussing the differences in farm size, profitability, and commodity choice that contribute to the financial disparities between African-American farms and other farms. [Extracted from the article]