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Balanced Reporting. Trusted Insights.
Friday, April 04, 2025
Republicans blocked the Senate on Thursday from taking up a House-passed tax bill that includes improvements to valuable expensing provisions used by farmers, as well as an expansion of the child tax credit.
Farmers will face increases in both income taxes and estate taxes after 2025, if Congress fails to extend expiring provisions of the 2017 Tax Cuts and Jobs Act, according to an analysis by USDA’s Economic Research Service.
The Senate this week tackles a bipartisan border security compromise that likely faces unsurmountable opposition from House Republicans and former President Donald Trump.
The House overwhelmingly approved a bipartisan tax package Wednesday night that includes improvements to valuable expensing provisions used by farmers, as well as an expansion of the child tax credit.
The House could pass a short-term package of tax breaks as soon as this week, but the measure faces some Republican concerns that the expanded child tax credit included in the deal could help President Joe Biden’s re-election campaign or encourage working parents to quit their jobs.
A congressional agreement that would boost the child tax credit and temporarily increase some business tax breaks is paving the way for a major battle coming in 2025 over a range of expiring tax cuts that could cost trillions of dollars to extend.
The House Ways and Means Committee advances a bipartisan agreement to expand the child tax credit while boosting two tax breaks that are widely used in agriculture.
