Tuesday, 14 November 2017 10:14

Portland round-table discussion on tax reform Featured

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Portland round-table discussion on tax reform

PORTLAND (WGME) - On Capitol Hill lawmakers could vote on tax reform this week.

Maine Congressperson Democrat Chellie Pingree held a round table in Portland Monday with local stakeholders, including Bob Wellington of "Agri-Mark" dairy cooperative.

 

Wellington said the Senate GOP plan will eliminate the section "199" deduction for dairy and other farm cooperatives.

 

Republicans have proposed eliminating it as part of efforts to streamline the tax code. According to the National Council of Farmer Cooperatives, that deduction is valued at a billion dollars per year and that getting rid of it could raise taxes by 5 to 17 percent for farms.

 

Wellington said "At the end of the day, farmers are going to lose. And it's a terrible place for that loss to occur both in our farming community and also in our rural communities where we're desperate for those jobs."

 

Congresswoman Pingree claims the plan will also give the middle class a tax increase averaging around $2,000.

 

However, Treasury Secretary Steve Mnuchin said most middle-class Americans will pay lower taxes under the GOP plans moving through congress.