Congress is providing farmers and ranchers with a last-minute holiday gift: lower tax bills in the future. A tax code overhaul passed by both the House and Senate this week makes many changes to the tax code that will benefit farmers and ranchers. American Farm Bureau Federation tax specialist Pat Wolff says the bill includes lower individual tax rates. Tax …
Agriculture Secretary Perdue Comments on Tax Reform
Agriculture Secretary Sonny Perdue calls the recently passed tax reform bill a “once-in-a-generation” reform of the federal tax code. Calling tax reform an eagerly awaited Christmas present for taxpayers, Perdue says “tax paying people of American agriculture need relief.” In his statement, Perdue offered thanks to President Trump and commended Congress for passage of the legislation. He says most family …
Congressional Ag Leaders Applaud Tax Bill Passage
Leaders of the House and Senate Agriculture Committees say the just-passed tax bill delivers lower taxes for farmers and ranchers. House Ag Chair Mike Conaway says: “From lower marginal rates to the treatment of pass-through income to improved small business expensing, this bill delivers for farmers, ranchers and all rural America.” Meanwhile, Senate Agriculture Chairman Pat Roberts says the legislation …
House/Senate Negotiating Differences in Tax Bill
House and Senate tax writers are moving quickly to negotiate differences between their two chambers’ bills, with one of the most sensitive, a tax break for ag and other small businesses. Among the biggest and most politically-sensitive differences between the two tax bills is the treatment of so-called “pass-through” businesses — a huge number in agriculture — that file returns …
Busy Week Ahead for Congress
It will be a busy week in Congress with two big issues that will be addressed. Mary Kay Thatcher, senior director of congressional relations with the American Farm Bureau Federation spoke to Kansas Farm Bureau members at their annual meeting in Manhattan Monday morning. We’ll learn soon the conferees for the conference committee that will try and put the House …
Few Senators Mention Agriculture in Tax Bill Debate
The Senate-passed tax bill that the House must now either accept or reconcile with its own, would have a big-impact on agriculture. Yet, few Senators even mentioned agriculture in the days-long debate leading up to the early-morning Saturday vote. Agriculture was largely ignored in the marathon debate on the GOP Senate tax bill, that passed 51 to 49 with just …
Peterson Likes Senate Tax Bill Better Than House Version
House Ag Committee ranking member Collin Peterson says the Senate tax bill is closer to something he can support than the House Bill. The Minnesota Democrat hopes changes will be made so he can support the conference report. Peterson tells the Hagstrom Report that he supports lowering corporate tax rates but not at the expense of raising taxes on individuals. …
Tax Bill Includes One of Agriculture’s Top Goals, with a Caveat
House Republicans are out with their tax bill, and it includes one of the agriculture’s top goals, with a caveat. Republicans plan to eliminate the estate tax. But, in a move that will ease the loss of revenue and help counter Democrats’ criticism the bill favors the rich, the GOP will double exemptions for estate taxes and then end the …