December 6, 2019

Biofuels- Tax Issue; Farm Bill; Ag Econ; Competition; and Climate

Tax Issues: General Overview

Lori Montgomery and Paul Kane reported in today’s Washington Post that, “The Senate opened debate late Thursday on a reworked tax package that would add incentives for renewable energy, which many Democrats have demanded, but leave intact the core elements of a deal negotiated by the White House and Republicans, including a revived inheritance tax that has outraged liberal lawmakers.

“As the Senate steamed toward a Monday afternoon vote on the far-reaching package, House Democrats were in open revolt. Amid chants of ‘Just say no,’ they agreed overwhelmingly during a private meeting Thursday to block the measure from going to the House floor, a symbolic move that underscored the depth of their anger.

“Later, House Democratic sources said several options were under discussion, including an amendment to strengthen the inheritance tax provisions. By changing the underlying terms of the deal, however, such an effort could imperil the bill in the Senate, raising the risk that lawmakers could leave town without extending a host of tax provisions that are set to expire on New Year’s Eve – hitting virtually every U.S. family with an immediate tax increase.”