By: Philip Brasher
Many producers could see meaningful tax cuts next year, but the sweeping tax bill that Congress was expected to clear Tuesday will leave them without the certainty on expensing and estate planning that farm groups were seeking.
The House passed the bill 227-203 Tuesday afternoon, setting up a final vote in the Senate Tuesday night that would send the bill to President Trump for his signature. Twelve House Republicans voted against the bill. No Democrats supported it.
The bill lowers tax rate and creates a new 20-percent deduction on pass-through business income that are likely to lower farmers? effective tax rate, which currently averages about 15 percent.
The bill also nearly doubles the standard deduction for a couple to $24,000. Read More
