Farm lobbyists are warily watching the tax-overhaul legislation moving through Congress, which comes with some favorable terms for them now but may have a big catch later: Less money for farm programs crucial to producers dealing with lower commodity prices.
Senate Republicans tucked some multibillion-dollar tax increases for corporations into the 515-page tax bill they released this week—spring-loaded hikes that would begin after 2024 if the economy doesn’t grow as fast as GOP lawmakers have promised.
As 2017 draws to a close, the uncertain tax and legislative environment means that year-end tax planning is more important than usual. To help individuals and businesses prepare for filing season, Grant Thornton LLP has some tips.
Senator Ron Johnson — the first GOP senator to voice opposition to the current tax plan — said he’s encouraged that Republican leaders have been discussing his concerns that pass-through businesses would be treated unfairly.
A new 50-state analysis of the tax reform bill passed last week by the Senate Finance Committee finds the plan would increase taxes on at least 29 percent of taxpayers by 2027 and cause the populations of 19 states to pay more in federal taxes than they do today.