Senate Republicans early Saturday narrowly advanced a sweeping package of business and individual tax cuts after a series of last-minute deals that included a bigger reduction in taxes for farms and other small businesses.
Senate Republicans look to pass their tax bill by the end of the week but it may take some last-minute modifications to satisfy at least two GOP senators’ concerns about the impact on small businesses.
WASHINGTON, Nov. 3, 2017 - The House GOP tax bill’s new rules for partnerships and other “pass-through” small businesses, together with new requirements for paying self-employment taxes, could significantly offset some of the legislation’s benefit to farms, experts say.
WASHINGTON, Nov. 2, 2017 - The House Republican tax-reform bill would preserve interest expensing for most farmers and would phase out the estate tax, but some producers would lose a tax deduction that their cooperatives pass on to them.
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.