Ag Policy Blog
Chris Clayton DTN Ag Policy Editor

Tuesday 01/01/13

House Sends Tax Bill and Farm Bill Extension to President

The House of Representatives sent a tax package to the president late New Year's Day with legislation that also extends portion of the 2008 farm bill.

The House passed the legislation 257-167 Tuesday evening with 85 Republicans joining 172 Democrats in backing the bill. The vote came after a day of caucus meetings and debate within both parties about the pros and cons of the deal. Republicans, though controlling the House, were fractured with 151 Republicans voting against the tax plan, as well as 16 Democrats.

The Senate had voted 89-8 early New Year's morning to pass the tax overhaul, which raises taxes on wealthier Americans.

Though lawmakers missed a self-imposed deadline, the legislation would avoid raising income taxes on 98% of the country. The bill also prevents the permanent farm law from going into effect, thus avoiding the possibility of soaring dairy prices.

Speaking on the House floor Tuesday night, David Camp, R-Mich., chairman of Ways & Means urged passage of the bill, saying the legislation was a step toward tax reform in 2013.

House Minority Leader Nancy Pelosi, D-Calif., thanked Speaker John Boehner, R-Ohio, for bringing the legislation to the floor and encouraged fellow House members to follow the lead of the Senate and pass the bill with strong bipartisan support. The fiscal bill would increase the confidence of the markets and business people to help create more jobs, she said.

"This is a very, very strong first step as we go into the new year," Pelosi said.

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Posted at 10:26PM CST 01/01/13 by Chris Clayton
Comments (7)
Congress needs to be prohibited from engaging in the selective agricultural investment and profit guaranteeing business. Their sorry record of targeting select farmers with highly discriminatory multimillion dollar investment/profit guaranteeing policies has destroyed countless rural communities by neutering the ability of smaller farmers to compete. To guarantee that the largest and obviously potentially most profitable business always will have a vastly superior incomes renders the smaller farmers incapable of competing in this highly competitive business. If congress is going to be involved in the safety net business all farmers are equally deserving of comparably valued safety nets.
Posted by Lon Truly at 10:29PM CST 01/01/13
Lon, you totally missed the subject matter of the article. Do you have any contributions to taxes or do you only repeat a single paragraph?
Posted by Bonnie Dukowitz at 5:03AM CST 01/02/13
Still waiting for Chris or Marcia to have the guts to address the chrony capitalist aspects of the federal government targeting the wealthiest and largest with overwhelmingly superior financial benefits. It appears that I am wasting my time. Santa Claus knows best where to target the greatest guarantees of perpetual wealth.
Posted by Lon Truly at 7:37AM CST 01/02/13
And the author forgot to mention the loss of disaster aid for us livestock producers as a result of the drought. So the current farm bill was not extended but modified. Thank you to senator McConnell, the people of Kentucky should be so proud.
Posted by bob corio at 9:05AM CST 01/02/13
Livestock producers have the habit of voting the wrong way. The Chicago way dictates who gets targeted with the largest government farm program benefits.
Posted by Lon Truly at 12:09PM CST 01/02/13
(1) It IS better than nothing at all. (2) This should be only a timely lull for Congress to get back to work on ALL the factors in it, including a new Farm Bill, as this is a Band-Aid, NOT a true cure. (3) As this is Washington Business as usual, we should recognize that it will have riders, attachments, etc. we'll scarce;y understand until the Bills for them come due. (4) I kept saying it was time to "Drain The Swamp". No one did. This happened. Who should we blame. (5) Now, it IS time to drain the swamp.
Posted by Ric Ohge at 12:17PM CST 01/02/13
I have a net worth approaching 10 million due to extremely high corn prices and generous crop insurance so why am I going to get another 40000 in DCP this year? How embarrassing is this wasteful program? I ak guaranteed a profit via crop insurance and am given a dcp gift that is more than the average wage paid in my town. WOW!!!
Posted by Bill Billson at 1:20PM CST 01/02/13
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