The main stumbling block to getting enough votes to pass the tax reform legislation in the Senate lies with Senators Ron Johnson of Wisconsin and Steve Daines of Montana. That’s according to Iowa Senator Chuck Grassley. He says the two Senators want more tax relief for small businesses in the final legislation.
He says both the Senate and House measures contain several benefits for farmers and ranchers, especially elimination of the estate tax.
Grassley says he’s working to find a compromise on the Section 199 deduction for cooperatives. However, the small business deduction in the Senate tax bill should offset that.
The Senate is expected to vote on the tax reform legislation either Thursday or Friday.
