A divided Congress is starting off looking at the future of the Republican enacted tax reform plan.
Incoming Senate Finance Chair Chuck Grassley says majority House Democrats will aim to chip away at the tax plan, but he is going to try and make permanent the tax breaks set to end in 2025. Including 20 percent deductions on pass-through business, covering more than 95 percent of farms, as well as enhanced equipment expensing.
But the American Farm Bureau says those goals are unlikely, with House Democrat opposition in the majority.
Pat Wolff with the Farm Bureau says, “It looks like making the ‘tax reform 2.0’ tax cuts, is off the table. It looks like we’ll be playing defense, trying to hold onto the tax provisions that we have.”