I am sure most people who raise animals for a living pay taxes on those animals when they sell them. They pay a portion of the sale price. But do you actually pay taxes on animals kept for breeding? I am asking I dont know how you pay per animal. If this passes IMO you will.
I just checked with my husband who finished combining crops today. He says Iowans NO LONGER pay property taxes on livestock. So the statement I made last night was in error. We quit feeding livestock several years ago and my information was out of date.
None the less, all farmers would pay INCOME taxes on any livestock sold, after the price of feed & veterinary services were deducted and whatever depreciation is allowed for the buildings would also be deducted I believe.