WASHINGTON (NAFB) — The American Farm Bureau Federation says tax reform framework released Wednesday includes important principles for agriculture.

Farm Bureau President Zippy Duvall said in a statement that AFBF was encouraged by the inclusion of lower tax rates for individuals who own businesses, elimination of the death tax and some business interest deductibility. However, AFBF says any tax reform package should also include the continuation of cash accounting and like-kind exchanges, unlimited stepped-up basis and lower capital gains taxes.

President Trump announced the tax reform framework at the Farm Bureau building at the Indiana State Fairgrounds.

Meanwhile, the National Cattlemen’s Beef Association welcomed the tax plan, saying cattle producers are “very pleased” with the President’s plan.