The pieces are in place for President Donald Trump’s proposed tax reform plan, but the final details are being worked out as Republicans muscled a $4 trillion budget through the Senate last week.
“We’ve completed the first step of supporting our broken tax code—passing a comprehensive, fiscally responsible budget that will help put the federal government on a path to balance,” said Republican Senate Majority Leader Mitch McConnell.
The 51 to 49 vote is setting the stage for a 2017 debate to overhaul the U.S. tax code, the first major reform since the Reagan administration.
On Tuesday, President Trump is expected to lobby the Senate GOP to move quickly on tax reform during a closed-door meeting. According to a White House spokesperson, the meeting will focus on “the robust fall legislative priorities, including getting tax reform passed.”
Agricultural tax experts, like Paul Neiffer, certified public accountant and business advisor with CliftonLarsonAllen, are keeping a close eye on possible changes to the self-employment tax and what it could mean for farmers.
Hear Neiffer’s thoughts on what could change with the self-employment tax and how it could impact farmers on AgDay above.