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Tax reform plan gets final approval

The U.S. House has given final approval to the Tax Cuts and Jobs Act.

American Farm Bureau Federation President Zippy Duvall released a statement saying, “The tax reform package passed by Congress will result in lower taxes for the vast majority of farmers and ranchers. Starting next year, farmers and ranchers will also be able to take a 20 percent deduction off their business income. That’s new, and it will reduce the taxes farmers owe. The bill also doubles the estate tax exemption to $11 million per person, which will provide relief to the vast majority of farmers and ranchers. We look forward to President Trump signing this bill. Most of the provisions in this tax bill are temporary, lasting for only seven years, so Farm Bureau will now focus our work on making those important tax deductions, lower rates and the estate tax exemption permanent.”

National Farmers Union is “staunchly opposed” to the bill because of its “regressive taxation structure, devastating implications on health care affordability and the nation’s financial standing.” President Roger Johnson says the measure leaves a one and a half trillion dollar hole in the federal budget that some members of Congress will want to fill with farm program and entitlement spending cuts.

The National Cattlemen’s Beef Association is please with the bill which President Trump is expected to swiftly sign into law.