Wins, some losses, in GOP tax bill for farmers

 The House Republican tax-reform bill would preserve interest expensing for most farmers and would phase out the estate tax, but some producers would lose a tax deduction that their cooperatives pass on to them.  The bill also significantly expands immediate expensing and depreciation provisions that are in current law. However, tax experts say there are other provisions, including new rules for pass-through entities and self-employment taxes, that could offset some of the benefits. The bill’s focus is on slashing the corporate tax rate from 35 percent to 20 percent and on shrinking individual tax rates and simplifying the tax code.  The impact of the bill on individual farmers will vary according to their situations. Most farms are pass-through businesses - sole proprietorships, partnerships and S corporations - that are taxed at individual rates. The top tax rate on some, but not all income, earned by pass-through businesses would be cut to 25 percent. Farmers currently pay an effective tax rate of about 15 percent, according to the Agriculture Department.