Agriculture Ignored in Tax Bill Debate

The Senate-passed tax bill that the House must now either accept or reconcile with its own, COULD have a big-impact on agriculture. Yet, few Senators even mentioned agriculture in the days-long debate leading up to the Senate vote.

Agriculture was largely ignored in the marathon debate on the GOP Senate tax bill, which passed 51 to 49 with just one Republican defector, and all Democrats opposed.

A handful of lawmakers did bring up agriculture. Among them, Republicans John Thune of South Dakota, Missouri’s Roy Blunt and Senate Ag Chair Pat Roberts of Kansas, who listed the bill’s ag tax breaks…

Also included, new tax rates for small, so-called ‘pass through’ businesses, which includes most farms…

The bill also includes a doubling to 22-million per couple of the estate tax exclusion, making it easier to pass farms onto the next generation.

Democrats argued that the estate tax break favors the rich. Missouri’s Claire McCaskill…

McCaskill and other ‘red state’ Democrats claim the GOP bill is a ‘giveaway’ to the rich and corporations. Republicans insist the middle-class and small businesses would proportionally receive huge tax cuts that would boost spending and jobs, including in agriculture.

I’m md.

 


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