President Trump’s sweeping tax and budget bill is now law, but the partisan debate over its merits, including for agriculture, is ongoing.
Days after the president signed the bill, Senate Majority Leader and South Dakota Senator John Thune hailed its benefits for farmers and ranchers.
“Agriculture is the lifeblood of this country, but the last few years have been incredibly challenging for our agricultural producers. The job-creating 199a small business deduction and investment incentives that free up cash for small businesses, farmers, and ranchers to invest in their operations and their employees. And we included an even higher death tax threshold that will spare more family farms, ranches, and businesses from a potentially devastating tax.”
However, Democratic Leader and New York Senator Chuck Schumer called the Trump bill “one of the most destructive pieces of legislation in modern history.”
“The biggest giveaway to billionaires ever, the biggest cuts to Medicaid, devastation to our nation’s healthcare economy and our clean energy economy, with millions of projected job losses. So many job losses that it could well cause us to fall into recession.”
Schumer and his democratic colleagues are readying their ammo for next year’s midterm elections, while republicans are betting that farmers, factory workers, waiters and waitresses will see more in their pockets by then. The republicans are counting on them to begin spending more, boosting the economy rather than the U.S. falling into a recession.
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