Political Fireworks marked Senate Finance Committee action this week on GOP tax reform legislation.
Both parties are calling for bipartisanship on tax reform that includes key breaks for agriculture and other sectors. But the highly-politicized Trump era atmosphere on Capitol Hill is allowing for no such cooperation on high profile legislation whose passage or defeat the two parties see as key to who controls Congress after the next election.
This exchange between Senate Finance Chairman Orin Hatch and top panel Democrat Ron Wyden on a key tax break that affects most farming operations, but could be abused without protections, by other small businesses…
Democrats charge that 14-million middle-income taxpayers will still end up paying more in taxes, based on the Senate bill’s ending of deductions for state and local taxes, while wealthy taxpayers escape the estate tax—largely seen as an unfair tax by farmers forced to sell pieces or all of their farms to pay it.