FOR IMMEDIATE RELEASE
November 9, 2017
Contact: Hannah Packman, 202-554-1600
WASHINGTON – U.S. Senate leadership today released its plan for comprehensive tax reform. The legislation differs in many ways from its counterpart released by the U.S. House of Representatives a week ago. The plan would comprise a greater number of individual tax brackets, limit the effects of the estate tax rather than fully repeal it, and eliminate state and local tax deductions. However, the two plans have one fundamental similarity: both are estimated to add over $1.5 trillion to the federal debt over the next ten years.
National Farmers Union (NFU) President Roger Johnson released the following statement in response:
“NFU supports legislation that streamlines and reforms tax policy while not adding to the real and serious problem of our growing federal deficit. Unfortunately, this bill is a step in the wrong direction. It would put significantly more money in the pockets of the wealthiest Americans while forcing substantial debt on our children and grandchildren. The financial shortfall this bill would create ultimately will need to be offset by cuts elsewhere. With family farmers and ranchers experiencing a years-long stretch of economic hardship and farm bill negotiations just around the corner, this reality is particularly alarming. How will a new farm bill fare in the aftermath of a much larger federal deficit and the predictable calls for cuts that will surely follow?
“As more details emerge, we will continue to advocate for a simplified, progressive tax code that provides realistic solutions to our national deficit while protecting the programs on which our nation’s farmers rely.”
National Farmers Union has been working since 1902 to protect and enhance the economic well-being and quality of life for family farmers, ranchers and rural communities through advocating grassroots-driven policy positions adopted by its membership.