A senior Republican and former chairman of the Senate Finance Committee says he’s more confident the Senate will pass a tax reform bill than he was when it failed to pass a repeal of Obamacare. Iowa Republican Chuck Grassley admits he was wrong about the earlier failed Senate GOP efforts to repeal Obamacare.
But the longtime Finance and Ag Committee member insists things could be different with tax reform that could be a major economic driver for producers:
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And Grassley does not think repeal of the Obamacare tax penalty for not carrying health insurance will be a stumbling block in the tax bill—he sees a parallel effort to extend Obamacare subsidies:
Grassley predicts two or three-Democrats may join Republicans in voting for the Senate tax bill, but only after the GOP secures 50 Republican votes ensuring the Democrats’ votes are not deciding…but allowing those Democrats to campaign on their votes.
American Farm Bureau and other major farm groups are encouraged, but waiting to see the final Senate and House bills that double the estate tax exemption, reduce the small business and corporate rates, and expand business expensing and cash accounting.
The House bill ends the estate tax by 2024, but the Senate bill ends the exemption in ten-years. Both keep the ‘stepped-up basis’ for valuing assets.