House Clears Pathway for Tax Reform

House Clears Pathway for Tax Reform

Russell Nemetz
Russell Nemetz
Hi everybody it's time for your Land and Livestock Report here on the Ag Information Network of the West-I'm Russell Nemetz.

The House of Representatives on Thursday passed the fiscal year 2018 budget resolution that had earlier cleared the U.S. Senate, setting the stage for the Republicans to write a tax reform bill.

The budget resolution will allow the Senate to consider a tax-reform bill without needing 60 votes in the Senate to end debate.

Last week, while I was in Washington, DC I had the opportunity to visit with the National Cattlemen's Beef Association's Director of Government Affairs Danielle Beck about the U.S. cattle industry's wish list.

"The House Republicans, leaders in the Senate and the administration have released a framework. It's given us a little bit more detail but not quite enough so we're still waiting to see what happens. Republicans have maintained their long-time commitment to repealing the death tax which we're thrilled about. But we're waiting to see about other items like cash accounting, like-kind exchanges, section 179 deductions and more. The devil will really be in the details of the legislation" says Beck.

The White House praised the action. A statement from Press Secretary Sarah Sanders said, "This resolution sets the stage for Congress to put America first by providing economic relief for the American people in the form of tax cuts and tax reform."

That's your Land and Livestock Report-I'm Russell Nemetz.

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