Nebraska farmers call on Congress to extend 2017 tax cuts

LINCOLN, Neb. (KLKN) — With key provisions of the 2017 Tax Cuts and Jobs Act set to expire at the end of 2025, agricultural leaders are sounding the alarm.

Many Nebraska farmers said the tax breaks have helped them keep their operations afloat.

At a press conference on Tuesday at the Nebraska Farm Bureau office, Sens. Deb Fischer and Pete Ricketts echoed those concerns and urged Congress to extend the tax relief.

“If these tax cuts were allowed to expire, that would mean a $4 trillion tax increase on American families, including our Nebraska farmer and rancher families,” Ricketts said.

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For farmers like Matthew Erickson, running a multi-generational operation is a constant balancing act.

Erickson said extreme weather and rising inputs costs already make farming difficult.

“When you’re farming, every year is uncertain, honestly,” Erickson said.

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And now another big concern is the possible reduction in the estate tax exemption.

He said if it goes back to the old level, he’ll have to pay more when his grandparents and parents dies.

“You see that nowadays a lot, where when that happens, people have to sell ground,” Erickson said. “They have to sell that family farm just to be able to keep a little bit of it together.”

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He also worries about the expiration of the expanded child care tax credit.

“Me and my wife haven’t had kids yet, but obviously that’s something we’re looking at in the future,” Erickson said. “Having that there just to have that extra tax credit would be extremely helpful.”

He went to Washington last month to voice his concerns and said he feels hopeful that something will get done.