I think reducing the national debt would also help farmers, but, unfortunately, that doesn't currently have enough support in Congress, so targeted tax relief is the next best option. Many farmers pay for their own health insurance, but are still not allowed to deduct all of the costs on their income tax forms, as most businesses can do. Repeal the death tax. Passing a family farm to the next generation has become much more difficult, due in part to oppressive death taxes. The Financial Freedom Act repeals this punitive tax.
Capital gains tax relief.
In years when farmers do not lose money, they must pay capital gains taxes in addition to their income taxes. The Financial Freedom Act reduces the capital gains tax rate for farmers and others. Increased deductibility for farm equipment. Another major farm aid bill, which is scheduled for autumn action in the House of Representatives, is the Agriculture Risk Protection Act of 1999. The Agriculture Risk Protection Act would do this by ensuring affordable insurance coverage at every level, with added flexibility for farmers to choose the level of coverage which best suits their needs.