Like many of you, I first learned about tariffs and the impacts on international trade and global economies from my history books. Now, one of the most common questions I get from farmers who see the word "tariff" in the news almost daily is "how do tariffs really work?" Tariffs are designed to protect domestic businesses — often specific industries like steel or agriculture — and can generate revenue for the government. Basically, they are a tax on imports and are typically calculated as a percentage of the price that a buyer pays a foreign seller.
What would you do without your local veterinarian? More and more farmers and ranchers are finding out as many current professionals who handle large animals are retiring and new replacements are harder to find.
When President Donald Trump signed the new tax reform package into law on Dec. 22, the first call for many farmers and ranchers was to their accountants with a multitude of questions. The answers, for many, depend on their farm structure, size, income outlook and business goals. Agri-Pulse asked producers from around the country how they viewed the new law, officially known as "The Tax Cuts and Jobs Act."