There are all sorts of questions circling around if Congress will be able to get tax reform completed before the end of the year, but House Speaker Paul Ryan (R-Wisc.) said Congress has an “aggressive timeline” for passing a tax reform bill before 2017 ends.
Chair of the House Ag Committee Mike Conaway (R-Tx.) says with the potential for tax reform, “it is important to highlight the unique challenges of the agricultural industry and explore opportunities within the tax code to better support a vibrant farm sector.”
Ryan called tax reform one of the GOP’s “crown issues” and they “have to get this done.” He said he wants to avoid the problems Congress had in repealing and replacing the Affordable Care Act.
Rewriting the tax code, including lowering personal and corporate income tax rates is a top goal for President Donald Trump and the GOP.
“This is a commitment we made to not just Republicans, but to Americans,” said Ryan. “It’s incredibly important that we deliver on this promise because if we do deliver on this promise, we will help people.”
The American Farm Bureau Federation (AFBF) says tax code changes should allow businesses to deduct expenses when incurred. It’s also looking for a permanent repeal of federal estate taxes.
AFBF is also pushing for elimination of a capital gains tax.