Items Tagged with 'Tax Reform'

The Chairman of the House Ways and Means Committee hopes to squeeze a package of tax reforms and disaster relief measures into an already jam-packed lame duck congressional schedule.

A little-noticed provision in the 2017 tax reform law could threaten the non-profit status of rural electric cooperatives if they use federal disaster aid or take advantage of a new initiative to expand broadband service. 

Congress faces a Friday deadline to pass a $1.3 trillion government-wide spending plan and companies that buy commodities from farmers hope it will include a fix to the Section 199A tax deduction that has rattled the industry.

In November, America’s trade deficit surged to over $50 billion, ensuring that the 2017 U.S. trade deficit is over $500 billion.

Key senators are scrambling to rework a benefit for farmer cooperatives that was created by the new tax law, and the fix couldn’t come soon enough for owners of private elevators like Doug Bell.

President Donald Trump signed into law today the sweeping tax overhaul legislation that Congress passed this week, saying he wanted to make good on his promise to give Americans the holiday present he’d promised by Christmas.

Many producers could see meaningful tax cuts next year, but the sweeping tax bill that Congress gave final approval to Wednesday will leave them without the certainty on expensing and estate planning that farm groups were seeking.

Congressional Republicans are poised to send their historic package of individual and business tax cuts to President Trump's desk before Christmas and also plan to pass a new stopgap funding bill that could include disaster aid to growers hammered by this year's hurricanes.

Congressional Republications finalized a sweeping tax reform package that could cut tax rates for farmers and other small businesses while expanding the Section 179 expensing allowance and doubling the estate tax exemption.

Congressional Republicans say they reached agreement on a final tax bill that will provide a new 20-percent deduction for pass-through income from farms and small businesses.