Farm groups are bracing for a possible effort in Congress to impose new taxes on inherited land and other assets as a way of addressing wealth inequality while raising revenue Democrats will need to fund new infrastructure or social spending.
Some 300 corporations, including some industry giants in the agriculture and food industry, are calling on President Joe Biden to commit the U.S. to cutting its greenhouse gas emissions in half by 2030 from 2005 levels.
President Joe Biden and congressional Democrats are readying their next big legislative push for a $2 trillion infrastructure package that he wants to pay for with corporate tax increases, which likely will make the measure a non-starter for Republican lawmakers and many farm groups.
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 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.
WASHINGTON, Oct. 29, 2017 - House Republicans reveal the details of their tax reform plan this week as GOP leaders mount an ambitious pre-Thanksgiving campaign to get tax bills through both chambers before the holiday.
WASHINGTON, Oct. 25, 2017 - Congressional Republicans are preparing to roll out a package of tax cuts with hopes of pushing the bill through at least the House by Thanksgiving. There is no higher priority this Congress for the GOP. Republicans see passing tax cuts as vital to their chances of maintaining control of Congress in 2018.