Mon
Jan 8 2018
03:46 pm

New analyses of the tax law by economists at the Department of Agriculture suggest it could actually lower farm output in the years to come and effectively raise taxes on the lowest-earning farm households, while delivering large gains for the richest farmers. [...]
A model of the law’s effects on farm households by Siraj G. Bawa and James M. Williamson, of the Agriculture Department’s Economic Research Service, projects that 70 to 80 percent of the law’s benefits will flow to the top 1 percent of farm households by income.

The law actually shrinks tax refunds for the lowest-earning 20 percent of farm households, Mr. Bawa said in a session hosted by the Agriculture and Applied Economics Association. The reason stems from a combination of changes in the bill, including its elimination of a tax break for domestic production.

“The lowest quintile is actually getting a tax raise under this,” Mr. Bawa said.

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