New details are filtering out on the GOP’s evolving tax plan. Some reports say equipment expensing and how producers file their taxes could see changes.
Washington Post sources say the White House and GOP leaders want to cut the rate paid by thousands of businesses that pay taxes through the individual income tax code to 25-percent from nearly 40-percent.
American Farm Bureau tax adviser Pat Wolff has urged that any plan to cut the corporate tax rate include farmers and ranchers.
Republicans, meantime, may be planning to allow “full expensing” of capital expenses immediately, instead of over several years. But The Post reports its GOP sources say the provision would sunset in five years, due to its cost.
At National Corn Growers, Public Policy Senior chief Sam Willett says it’s not just equipment expensing, but a host of tax issues producers are following.
Producers also continue their decades’ old battle to repeal the estate tax, though the White House and GOP may reportedly want to drop that idea to pick up some votes from Democrats opposed to repeal.
For the second year in a row shoppers may see falling retail beef prices. Gary Crawford has a look at how consumers may be saving at the grocery store.
U.S. Has First NAFTA Finalization Target
The United States now has a tentative timeline to complete the North American Free Trade Agreement negotiations. The timeline puts March 22nd as the first day a new NAFTA could be signed. However, to have the deal ready to sign, U.S. Trade Representative Robert Lighthizer would have to reach a deal in December and publish the text in January.
Census of Agriculture to Start Soon
Farmers will soon receive forms for the 2017 Census of Agriculture. The Department of Agriculture’s National Ag Statistics Service says farmers and ranchers across the nation will begin receiving the forms in eight weeks. Producers can mail in their completed census form, or respond online. Conducted once every five years, the census of agriculture is a complete count of all U.S. farms, ranches, and those who operate them. USDA says it is the only source of uniform, comprehensive and impartial agriculture data for every state and county in the country.