President Trump is proposing to slash the tax rate for owner-operated businesses and corporations to 15 percent, a rate cut that could potentially benefit farms.

 

The president's plan, released only in broad outline on Wednesday, also would eliminate the estate tax.

 

The plan would omit the border adjustment to business taxes that House Republicans have embraced. The border adjustment, which would raise revenue to offset the impact of cutting tax rates, could increase the cost of imported products, including many farm inputs.

 

 

The president also wants to limit the capital gains tax rate at 20 percent and to shrink the number of personal income tax brackets from seven to three: 10 percent, 25 percent and 35 percent. All personal tax deductions would be eliminated except for mortgage payments and charitable contributions.

 

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