Senate Returns To Work, Will The Big Beautiful Bill Pass?

The U.S. Senate is back this week facing a big challenge to pass the president’s One Big Beautiful tax and spending bill, which includes key measures for agriculture.  June could be a turning point for extending the Trump 2017 tax cuts and enacting the most impactful parts of a new Farm Bill.  Before returning to Washington, D.C., Senate Majority Leader John Thune told South Dakota ABC affiliate KOTA.

“The average family that makes $80,000 a year is going to see a $1,700 tax increase if Congress doesn’t act.”

That includes a halving of the standard deduction, child tax credit, and the estate tax exemption, which the House-passed bill more than doubles.  The bill includes much-needed farm bill improvements like better reference prices and crop insurance support. It also includes key Ag-important expensing and small business tax breaks.  Thune said he wants to improve upon the House bill.

"One of which would be to make some of these tax provisions permanent," Thune said.  "I talked about a growing economy. There are certain policies that generate growth, and that’s ultimately what you want. A rising tide lifts all the boats.”

No Wiggle Room For Republicans

Thune faces a tough balancing act to pass a reworked bill with competing GOP factions on Medicaid, deficit reduction, and the debt limit, and is only able to lose three GOP votes without Democratic help.  Some tax changes like permanent death tax repeal are unlikely, while paring the House boost in the state and local sales tax break could doom the bill when it returns to the House. All with the self-imposed enactment deadline of July 4th.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com