GOP Tax Bill Heads to House Floor, Senate GOP Releases Tax Bill
The House Ways and Means Committee approved House Republicans' Bill to rewrite the tax code on Thursday. After a four day debate, one of the GOP's top legislative priorities cleared the hurdle. The measure reduces the number of individual tax rates, slashes the corporate tax rate and eliminates many deductions and credits. It was approved on a party-line vote of 24-16. Committee Chairman Kevin Brady (R-Texas) made the only changes to the bill, including restoring the adoption tax credit, additional tax relief for pass-through businesses and higher tax rates on repatriated foreign earnings. Brady also offered an amendment concerning "three crucial priorities," -- helping American families, providing tax relief to Main Street startups, and increasing American competitiveness.
Farm groups from across the country are working to restore section 199 for cooperatives despite the repeal currently in the Houses version of tax reform. Repeal of section 199 would increase taxes on farmer members. With the House Ways and Means Committee going full throttle to complete its consideration of tax reform this week, farm groups have been working to land a fix in the managers amendment to the House bill or in the Senate version of tax reform which was unveiled Thursday.
Story source: National Sorghum Producers - Sorghum Notes