House Republicans unveiled their tax reform legislation on Thursday. It simplifies the tax code from seven brackets down to four and ends the estate and alternative minimum taxes. The Nebraska Cattlemen Association backs the legislation. Director of Legal and Regulatory Affairs Jessie Herrmann says the GOP bill is very ag friendly and one they hope receives Congressional approval.
She says her group has been trying to clear up the misconceptions regarding the estate tax and the need to eliminate it.
Herrmann says another important provision in the legislation is the preservation of the deduction for state and local property taxes up to a cap of $10,000.
The tax reform bill will be up before the House Ways and Means Committee next week. Herrmann says they have good support on that panel including Nebraska Congressman Adrian Smith and South Dakota Representative Kristi Noem. She says it’ll be a tougher battle in the Senate.
