The House has passed their version of tax reform on a 227-205 vote, while the Senate Republicans are still trying to get their bill through committee.
Both House and Senate bills currently reduce pass through small business tax rates and boost child tax credits. One of the big provisions in the House bill is ending the Estate Tax by 2024.
Agriculture is split on the tax reform passage. Groups like the American Farm Bureau and National Cattlemen's Beef Association call it a step in the right direction. The National Council of Farmer Cooperates called passage of the bill unfortunate because it effectively eliminates the Section 199 deduction.
The National Farmers Union calls the bill alarming saying it provides tax cuts and breaks to corporations and wealthy Americans.
Rob Larew the Senior Vice President of the National Farmers Union says, "It's at best a mixed package and quite frankly our biggest concern is it is $1.5 trillion being added to the deficit that's going to have to be paid for somewhere, whether it's farm bills, other priorities it's going to be coming and when you look at the individual provisions in there we just don't see that much benefits for farmers."
Larew says they are also concerned about the estate tax costs, section 199 elimination, and farmers ability to carry back net operating loss.