Senate Republicans are considering a tax cut plan that would add about $1.5 trillion to the government’s debt over ten years. The plan worked out by Senators Bob Corker of Tennessee and Pat Toomey of Pennsylvania would slice corporate and individual tax rates, as well as curb tax breaks. Nebraska Farm Bureau Senior Economist Jay Rempe says his group likes the idea of cutting tax rates but wants to see more specifics of the plan.
He says the most beneficial part of the tax cut plan for farmers and ranchers would be cutting individual tax rates.
Rempe says it’s critical that tax breaks such as Section 179 expensing and interest rate deductions are preserved. He also says they’re closely watching the outcome for those areas as the tax reform package is negotiated.
Senate Republicans aren’t planning to pair the tax measure with spending cuts, which is something the House is planning to do. The Senate Republicans goal is to cut corporate and individual rates and rid the code of inefficient tax breaks.
