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Tag Archives: tax reform

ANALYSIS: #TAX BILL GOOD FOR #FARMERS

Calling it “long overdue,” Illinois Farm Bureau President Richard Guebert Jr. said the new tax reform bill will benefit agriculture. An economic analysis shows farmers of all sizes and all levels of off-farm income will pay a lower rate. President Trump is expected to sign the bill. (FarmWeekNow.com)

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ALMOST THERE

The U.S. House is expected to give final approval Wednesday to a sweeping tax bill and send it to President Trump to sign into law. Both the House and Senate OK’d the bill Tuesday, but it is headed back to the House to clean up a procedural hitch. (Reuters)

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#TAX DEAL ON THE ROCKS

Sens. Marco Rubio and Mike Lee are insisting on changes to the Congressional tax deal before backing the plan. Rubio and Lee are in talks with other senators about expanding child tax credit refundability. If not expanded, Rubio said, “I’m a no…It has to be higher than $1,100.” Lee also is “undecided on the tax… read more

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FINAL TAX BILL A PLUS FOR AG

An across-the-board cut in individual rates and relief for ‘pass-through’ small businesses means the GOP tax bill will leave more money for farmers and ranchers to reinvest and grow their businesses, said Pat Wolff, AFBF tax adviser. The final bill also includes bonus depreciation for new equipment. “There’s going to be full expensing,” Wolff said…. read more

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LAWMAKERS REACH DEAL ON #TAX BILL

Republicans reached a deal on final tax legislation Wednesday, clearing the way for final votes next week. The agreement between House and Senate GOP members calls for a corporate tax rate of 21 percent – 1 percentage point higher than the 20 percent rate earlier proposed – and a tax cut for wealthy Americans, dropping… read more

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SENATE DEBATING TAX PLAN

Republican leaders Wednesday brought the Senate tax plan to the floor for debate with the goal of holding a final vote by the end of this week. Passage of the bill is looking more promising as Sen. John McCain Thursday said would support the bill, though there are still some GOP holdouts who have yet… read more

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SENATE TAX PLAN GAINS TRACTION

 Senate Republicans are one step closer to passing their sweeping tax code overhaul after the Senate Budget Committee Tuesday voted along party lines to advance the plan. Last-minute deals with Republican holdouts helped gain the support needed to move the bill out of committee. The full Senate is expected to consider the bill later this… read more

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TAX CUTS NOW, NO FARM SUPPORTS LATER

Farm groups are keeping an eye on the impending tax code overhaul, hoping that tax cuts now won’t equal less money for farm programs later in the 2018 farm bill. Independent analyses of the GOP tax plan show it could boost the federal budget deficit by as much as $1.5 trillion over 10 years, making… read more

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#SENATE #TAX BILL PICKING UP SUPPORT

#Alaska Sen. Lisa Murkowski in an op-ed Tuesday said, “I believe that the federal government should not force anyone to buy something they do not wish to buy in order to avoid being taxed,” potentially signaling her support for the Senate’s tax code overhaul. Murkowski, who was one of three GOP senators to stand against… read more

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HOUSE POISED TO PASS #TAX BILL

The U.S. House of Representatives Thursday is poised to pass a sweeping overhaul of the tax code, eliminating the death tax and cutting taxes for corporations and individuals before the year’s end. The vote is expected to follow party lines and still faces steep hurdles as House members must reconcile their version with the bill… read more

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