AFBF: Tax Reform Needs To Move Forward

Tax reform, key to boosting producers' sagging bottom-line, now looks like it will move in September after the Senate failed to advance healthcare reform this summer.  American Farm Bureau Tax Adviser Pat Wolff says the House, Senate and White House leadership are ready to move ahead on tax reform.  The plan, she said is to follow so-called, "regular order," unlike the failed health care reform attempt.

“Which means the committees in the House and Senate responsible for tax law will be writing the bills,” Wolff said.

Wolff added lawmakers need to act quickly.

“Everybody acknowledges that if we get into campaign season next year, its not going to work.  So, yes, Congress needs to pivot to tax reform and deliver something before the end of the year.

Wolff argued, farmers need a tax code that allows them to “keep more of their money and invest in their businesses”.

Tax writers on both sides of the Hill have already held several reform hearings.  Wolff warned lawmakers not to increase producers’ overall tax bills, while passing farm-related breaks like same-year equipment expending, cash accounting and estate tax elimination.

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