The president of a small southeast Iowa bank testified before the U.S. Senate Finance Committee this morning on the hardships facing small businesses and farmers. Skip Bright heads Keokuk Savings Bank and Trust and is president-elect of the Iowa Bankers Association. Bright says family farmers and other small businesses are “the lifeblood” of our economy and they have special tax needs and tax burdens that are different from those of big companies. He say banks, too, are small businesses trying to meet a community’s needs. Bright says several pieces of legislation before Congress could improve the situation for small businesses and farmers in Iowa and nationwide. He says one measure is called the Farm, Fishing and Ranch Risk Management Act. It would let farmers even out their income and defer for up to five years any money that would be taxed as profit and set it aside for hard times. Iowa Senator Chuck Grassley is chair of the Finance Committee. The hearing began at 9 a-m central time.
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