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Tax changes of interest to farmers and ranchers
Farmers and ranchers can benefit from the Tax Reductions Act of 1975 with an increased 10 percent investment credit through 1976 and expanded credit on construction progress. The $50,000 to $100,000 limit on used property qualifies for investment credit. A refundable earned income credit supports self employed workers with 4 000 to 8 000 annual income. Standard deduction rises to 16 percent with singles at 2300 and joint at 2600. Personal exemptions rise to 750 plus 30 credit per person, spouse, and dependents, with limits for blind or aged. Childcare deduction cap increases to 35 000. phaseouts begin at 44 600. Filing threshold rises to 2350 for 1975.
MENTIONED IN THIS ARTICLE
Hayenga
Texas A&m University System