WASHINGTON — Editor’s note: The following are statements released from the American Farm Bureau Federation and National Farmers Union concerning the Senate tax bill, which passed over the weekend.
Farmers Commend Senate Action on Tax Reform
American Farm Bureau Federation President Zippy Duvall:
“Farmers and ranchers have long called for a fair tax code that recognizes our hard work as well as the unique challenges we face in growing our nation’s food, fiber and fuel. The Senate’s passage of tax reform legislation today puts us within reach of that goal.
“We applaud the Senate’s commitment to key tax provisions farm and ranch businesses depend on, such as immediate expensing, business interest deduction and cash accounting. While we also had hoped to see the estate tax finally put to death, increasing the exemption should bring relief for many farm and ranch families looking to preserve their agricultural legacy.
“Farm Bureau looks forward to the Senate and House reconciling the differences between their respective versions in conference to achieve a final tax reform package that addresses the needs and concerns of farmers and ranchers and boosts economic growth in rural America.”
Senate Passes Tax Cuts for the Wealthy on Backs of Family Farmers and Future Generations, NFU Says
The U.S. Senate today voted 51-49 to approve its version of the Tax Cuts and Jobs Act.
National Farmers Union (NFU) staunchly opposed the legislation because it would increase the federal deficit by $1.5 trillion, jeopardize funding for farm safety net programming, and shift the nation’s tax burden from wealthy corporations and individuals to the rest of us, and to our children and grandchildren. In response to the vote, NFU President Roger Johnson released the following statement:
“Today, the U.S. Senate voted to cut taxes for the wealthiest individuals and corporations in our country, and pay for those cuts by adding $1.5 trillion to the deficit and shifting the tax burden onto the rest of us, and to our children and grandchildren. This legislation and its counterpart on the House side are inherently flawed, and Congress should reject any combination of the two.”
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