Proposed B & O tax increase will reduce farm incomes
Last updated 1/14/2021 at 3:59pm
Key findings include:
1. Farmers and ranchers have been negatively affected by the lockdowns, despite being deemed essential services. Median farm households in Washington lost $821 in 2019.
2. Washington farms generate $10.2 billion for our economy.
3. To earn a 20 percent profit margin, farms must earn more than $5 million annually. Only 324 farms in Washington did that in 2017.
4. When lawmakers increase taxes on farmers and ranchers, the immediate effect is a reduction in farm income that is borne entirely by farm families and their employees.
5. Farmers cannot demand an increase of com...