Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   
   

Agricultural News


National Farmers Union to Score Vote on Opposed Senate Tax Cut Bill, Alleging It Favors the Rich

Thu, 30 Nov 2017 12:07:58 CST

National Farmers Union to Score Vote on Opposed Senate Tax Cut Bill, Alleging It Favors the Rich Two weeks after the U.S. House of Representatives passed the Tax Cuts and Jobs Act, a bill that would provide tax cuts and breaks to corporations and wealthy Americans at an estimated cost of $1.5 trillion, the U.S. Senate is rushing to pass its own bill that would have similar consequences. National Farmers Union condemned the former, and is urging Senators to vote "no" on the latter. Both votes will be scored on the organization's federal representative scorecard.



In addition to contributing to the federal deficit, the bill includes a number of provisions that would negatively affect farmers, ranchers, rural communities, and middle-income Americans. As NFU has previously detailed, statutory pay-as-you-go (PAYGO) rules require that deficit increases must be offset by cuts elsewhere, specifically across non-exempt mandatory programs. The Commodity Credit Corporation (CCC) is the second largest non-exempt mandatory program, after Medicare. It funds farm program payments, including Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC), and the Dairy Margin Protection Program. If either of these tax reform bills passed, the government would be required to cut eligible programs by $150 billion per year. But since the total available pool of funding amounts to somewhere between $85 billion to $90 billion per year, all of those programs would be subject to a full sequester.



If that weren't enough, the tax plan will likely cut into farmers' and ranchers' bottom line. According to the Congressional Budget Office (CBO) score released Sunday evening, the Senate tax plan would exacerbate wealth inequality by offering tax cuts and breaks to those making more than $100,000 a year, while eliminating tax credits, subsidies, and other government assistance for lower- and middle-income Americans. The main reason for this, per The Washington Post, is the bill's eradication of the Affordable Care Act's individual mandate, which penalizes individuals without health insurance. This, in turn, would increase premiums substantially, causing 13 million Americans to lose coverage in the next decade.



On Tuesday, the Senate Budget Committee voted to pass the plan, which enables a full Senate vote later this week. Though some Senators have voiced their doubts, it is, as of yet, unclear what the ultimate outcome of such a vote will be.



In lieu of either the House or Senate tax plan, National Farmers Union is urging Congress to pass a simplified, progressive tax code that provides realistic solutions to our national deficit while protecting the programs on which our nation's farmers rely.



Source - National Farmers Union




   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Industrial Hemp Cultivation Taking Off in Oklahoma as State Gears Up for New Research Opportunity  Fri, 20 Jul 2018 18:05:57 CDT
  • CattleFax's Duane Lenz Kicks Off OCA Convention with Some Challenging, Yet Favorable Forecasts  Fri, 20 Jul 2018 17:31:59 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Friday, July 20, 2018  Fri, 20 Jul 2018 15:22:44 CDT
  • Federal Bank of Kansas City Reports That Large Loans for Livestock Drive Uptick in Farm Lending  Fri, 20 Jul 2018 15:15:23 CDT
  • Trump's Trade Advisor Pete Navarro Accused of Being Out of Touch After "Rounding Error" Remark  Fri, 20 Jul 2018 15:08:30 CDT
  • Land Values Across the Southern Plains Range from Stable to Down 10 Percent Compared to 2017  Fri, 20 Jul 2018 14:58:35 CDT
  • New Fieldprint Calculator Developed by Texas Tech Helps Define Physical, Economic Sustainability  Fri, 20 Jul 2018 14:46:56 CDT
  • Cairl Collins of Antlers, Okla. Recognized as a Significant Woman in Agriculture by OK Dept. of Ag  Fri, 20 Jul 2018 14:33:19 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Livestock Exchange Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show Stillwater Milling American Farmers & Ranchers KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com

    Find more about Weather in Oklahoma City, OK

       
       
    © 2008-2018 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.