King Seeks Restoration of 15% Tax Rate for Small Farms

United States Congressman Steve King

. Congressman Steve King releases the following video of his effort to amend the year-end tax package introduced by House Ways and Means Chairman Kevin Brady. King appeared before the House Rules Committee today in an attempt to get two amendments made in order for consideration on the House floor.

The first King Amendment (King IA 269) seeks to re-establish the 15% tax rate for those with adjusted gross incomes of up to $50,000. The enactment of the Tax Cuts and Jobs Act placed many small farms in a 21% tax bracket, a change which threatens their financial viability. King’s amendment is named in honor of former Iowa State Senator Kitty Rehberg, a farmer who brought this problem with the structure of the current tax law to King’s attention.

The second King Amendment (King IA 268) attempts to add King’s “New IDEA” legislation to the tax package. New IDEA amends the Internal Revenue Code to make it unlawful for employers to deduct wages and benefits paid to and on behalf of an illegal alien. According to the Center for Immigration Studies, enactment of King’s “New IDEA” amendment would result in $254 Billion in increased federal revenue over the next 10 years.