American agriculture is in the midst of tough times.
According to the American Farm Bureau, agriculture is the nation's largest employer, with more than 22 million people working in some phase of the industry. Accordingly, Bush endorsed Hulshof's provision to create tax incentives for farmers and ranchers to establish tax-deferred accounts to survive fluctuations in farm income. This money can be withdrawn at any time during a five year period after deposit. Contributions made in good years could be used to offset losses in bad years. Hulshof's measure to provide tax incentives for our nation's farmers and ranchers was included in the final tax relief proposal recently approved by Congress.