Kip Tom and Taxes
Tom Worked With The Trump Administration To Formulate Trump’s Tax Plan
2017: Tom Worked With The Trump Administration To Formulate Tax Plan Details
2017: Tom Helped Trump Formulate Tax Plan Details For Trump’s Tax Cut And Jobs Act. According to WKKG, “The President shortly thereafter introduced Indiana farmer Kip Tom from Leesburg in Kosciusko County. Tom’s farm has been family owned for 187 years. He wants it to stay in the family. ‘That’s a long time,’ Trump said. ‘But that heritage could come to an end because of the death tax or the estate tax and could make it impossible for him to pass that legacy to his wonderful family. We’re not going to let that happen.’ Tom has helped the Trump administration formulate tax plan details, and he was thrilled to hear the roll out in his home state. ‘I tell you what, it’s an exciting day for all Americans with the proposed tax cuts that hopefully are well received by both Democrats and Republicans to make sure that we can move our country forward,’ Tom told HAT.” [WKKG – 101.5 FM via Nexis, 9/27/17]
Tom Stood With Trump When He Called For The Repeal Of The Federal Estate Tax
Tom Stood With Trump When He Called For The Repeal Of The Federal Estate Tax. According to Inequality.org, “Kip Tom, the Leesburg Indiana farmer who will stand today with President Trump complaining about the federal estate tax, cashed over $3.3 million in farm subsidy checks, including $2.6 million between 2004 and 2014, the most recent data available.” [Inequality.org, 9/27/17]
Tom Was In Support Of Doing Away With The Estate Tax. According to WKKG, “The President’s plan has had input from the agriculture sector. Indiana farmer Kip Tom has been working with the Trump administration on the details of the plan. While many of the details of the reform plan are not known at this time, doing away with the estate tax is one aspect that the farm community would strongly support. Tom and his family have said, under current estate taxes, they may have to sell off assets in order to continue the business into the next generation. Preservation of cash accounting is another key element that farmers want to see in any reform plan.” [WKKG – 101.5 FM via Nexis, 9/27/17]
Kip Tom and Farm Subsidies
Tom’s Farm Entities Received Over $3.3 Million In Farm Subsidies
Tom’s Farm Entities Received Over $3.3 Million In Farm Subsidies
Tom’s Farm Entities Received A Total Of Over $3.3 Million In Farm Subsidies. According to Inequality.org, “Kip Tom, the Leesburg Indiana farmer who will stand today with President Trump complaining about the federal estate tax, cashed over $3.3 million in farm subsidy checks, including $2.6 million between 2004 and 2014, the most recent data available.” [Inequality.org, 9/27/17]
Kip Tom Was The CEO Of Tom Farms
Kip Tom Was The CEO of Tom Farms. According to Tom Farms, “Kip Tom Member & CEO. Kip Tom is the Managing Member of Tom Farms LLC and the President of CereServ Inc. In addition to being active in Agri-Business operations in Indiana for the past 39 years, Kip has also served as a crop production consultant to various companies in Argentina, Brazil and Chile.” [Tom Farms, accessed 4/24/24]
1995: Tom Received $25,332 In Farm Subsidies
1995: Tom Received $25,332 In Subsidies. According to Inequality.org, “In 1995, Kip Tom took in $42,826, but then refunded $17,494 for a net of $25,332.” [Inequality.org, 9/27/17]
1996-2006: Tom Farms LLC Received $667,732 In Farm Subsidies
1996-2006: Tom Farms LLC Received $667,732 In Farm Subsidies. According to Inequality.org, “Between 1996 and 2006, Tom Farms LLC cashed $667,732 in farm subsidy checks.” [Inequality.org, 9/27/17]
2004-2014: Tom Farm Partners Received Over $2.5 Million In Subsidies
2004-2014: Tom Farm Partners Received Over $2.5 Million In Subsidies. According to Inequality.org, “Between 2004 and 2014, Tom Farms Partners received $2,612,561 in subsidies, mostly commodity subsidies.” [Inequality.org, 9/27/17]
Tom Farms Received Subsidies Every Year For Over 20 Years, Despite Changing Legal Status
Tom Farms Received Subsidies Every Year For Over 20 Years, Despite Changing Legal Status. According to the Institute for Policy Studies, “Tom Farms has changed legal status over the last 20 years, but received subsidies every year.” [Institute for Policy Studies, 9/27/17]
Tom Flip-Flopped On Farm Subsidies, From Being In Support To Seeking “Practical Alternatives”
2001: Tom Said Consumers And Taxpayers Were “The Ultimate Beneficiary” Of Crop Subsidies
2001: Tom Said Consumers And Taxpayers Were “The Ultimate Beneficiary” Of Crop Subsidies. According to the South Bend Tribune, “Milford farmer Kip Tom is trying to get more details of the Lugar plan. But from what he has seen ‘it really does not meet the needs of future agriculture,’ he said. ‘I think the public perception is that agriculture is the ultimate beneficiary of crop subsidies when in fact the consumer and taxpayer is the ultimate beneficiary . . . by having cheap food,’ Tom said.” [South Bend Tribune via Nexis, 10/27/01]
2001: Tom Was Worried Politics Would Play Too Large Of A Role In Farm Subsidies
2001: Tom Was Worried Politics Would Play Too Large Of A Role In Farm Subsidies. According to the Associated Press, “The Bush administration will push lawmakers to keep federal subsidies low enough so that farmers won’t produce too much and drive prices down. She said farmers and ranchers can expect some sort of governmental financial support in 2002 whether or not a farm bill is passed this year. Several farmers said they were worried that politics would play too big a role in the bill. ‘How can we be assured as farmers out here that we’re going to have a bill built on policy and not politics, because it’s something that’s in front of us all the time?’ asked Kip Tom, president of Tom Farms in Leesburg.” [Associated Press via Nexis, 3/27/02]
2013: Tom Called For Exploring “Practical Alternatives” To Federally Subsidized Crop Insurance
2013: Tom Called For Exploring “Practical Alternatives” To Federally Subsidized Crop Insurance. According to the CQ Roll Call Executive Briefing – Agriculture & Food, “Dropping Out of the (Insurance) System. Kip Tom, managing partner in a family-owned Indiana farming operation, says he’s exploring ‘practical alternatives’ to federally subsidized crop insurance, including the formation of insurance polls with other large farms. What’s driving his concern is the negative public perception of big farm operations and the debates in Congress about means-testing premium subsidies. ‘We’re trying to find some data solutions, some third party solution, some insurance policies that maybe won’t mirror what USDA can provide through subsidized crop insurance. We’re trying to do it on our own. We’re trying to make sure we remain sustainable in the future,’ Tom said at the Farm Foundation forum.” [CQ Roll Call Executive Briefing – Agriculture & Food via Nexis, 11/7/13]
Tom Said There Was “A Lot Of Movement” Towards An Alternative To Federal Crop Insurance. According to the CQ Roll Call Executive Briefing – Agriculture & Food, “Tom, who also has farming interests in Argentina, said he’s not alone in exploring an alternative to federal crop insurance. ‘I can tell you there is a lot of movement to do this and do it without government if we have to.’ He went on, ‘We’re working with the CME. We’re working with some people who can understand how to handle large groups of producers to provide us alternatives. If we can’t participate in a government-subsidized program, we will find alternatives to make that sure we continue to find a means to feed the world and sustain our economic viability.’” [CQ Roll Call Executive Briefing – Agriculture & Food via Nexis, 11/7/13]