The U.S. House of Representatives approved the Tax Cuts and Jobs Act today. The bill would double the death-tax exemption and lay the tax to rest in five years. It would also limit some businesses ability to deduct interest expenses.
“House approval of this comprehensive tax-reform legislation is a step in the right direction,” NCBA president Craig Uden said. “We will continue to work hard to make sure the final legislation doesn’t include provisions that would create undue and unfair burdens for certain segments of our industry.”
The National Cattlemen’s Beef Association (NCBA) says the House tax reform package is a step in the right direction.
The National Farmers Union (NFU) previously urged House members to vote against the legislation. Rob Larew, senior vice president of public policy and communications for NFU, says the union is alarmed by the House’s tax reform package.
“The policies put forth by this bill would increase the tax burden on family farmers and the middle class, and they add a massive $1.5 trillion to our national deficit. On top of that, they potentially put funding for vital farm safety nets programs on the chopping block and jeopardize passage of the Farm Bill.”
The Senate Finance Committee marked up their version today. NFU urges the Senate to reconsider their current legislation. NFU feels the Senate’s marked up bill has comparable implications for family farm agriculture.