DTN Ag Policy Editor Chris Clayton reported today that, “The issue of tacking self-employment taxes to rental income was an ‘unintended consequence‘ of the House tax reform bill that should be fixed before the bill hits the House floor for full debate, according to Rep. Mike Conaway, R-Texas.
“Conaway told reporters in a conference call Wednesday that he had talked with Ways and Means Committee Chairman Kevin Brady, R-Texas, as well as two other members of the Ways and Means Committee about the issue of self-employment taxes on rental income.
“‘The initial reaction from the folks on the committee was, that was an unintended consequence,’ Conaway said. He added, ‘I think we will get that fixed.'”
Mr. Clayton noted that, “The tax-reform bill on Thursday remained in committee debate as House Republicans seek to get the legislation to the full House, possibly as early as next week. The bill seeks to cut a net $1.5 trillion over 10 years with an overhaul of corporate tax rates and simplification of personal taxes.
“The Senate Finance Committee is expected to release its tax-reform bill as early as Thursday, which is expected to have different language in various provisions compared to the House bill, while still sticking with the net $1.5 trillion in cuts over the next decade.”
