Tax Reform by August Unlikely

Treasury Secretary Steve Mnuchin (mi-new-chin) says getting tax reform legislation on the President’s desk by August appears unlikely. Mnuchin told the Financial Times this week the tax reform timeline is “highly aggressive to not realistic at this point,” in referring to his prior comments on finishing tax reform by August. He cites health care reforms as the delaying factor, but still expects tax reform to be completed sometime in 2017. Farm groups, including the American Farm Bureau Federation, have testified to Congress on the need to eliminate the estate tax, and have called on Congress to create a simpler tax code for farmers and ranchers. Ag groups are also urging Congress to reduce income tax rates, reduce capital gains taxes and allow for immediate business expensing.

From the National Association of Farm Broadcasting news service.