More on Taxes
U.S. Senate Majority Leader Mitch McConnell (R-KY), Senator Rand Paul (R-KY) and Congressman Andy Barr (KY-06) reintroduced legislation today which corrects a provision in the tax code to ensure that Kentucky’s Bourbon producers are no longer at a disadvantage with their global competitors.
Congressman Andy Barr (KY-6) reintroduced two bills to provide relief and prevent a looming tax increase on Kentucky’s signature horse industry. H.R. 3671, the Race Horse Cost Recovery Act, would make permanent the three-year depreciation schedule for all race horses which is subject to expire at the end of this year. H.R. 3672, the Equine Tax Parity Act, would eliminate a 45-year-old tax provision that discourages investment in the equine industry and discriminates against equine assets compared to other assets.
Congressman Andy Barr (KY-6) issued the following statement today after the Supreme Court issued its ruling in the case of King v. Burwell:
“I appreciate the Court’s consideration of this case, but I strongly and respectfully disagree with the majority opinion. Laws should be implemented as they are written, not as the President wishes they were written. The ruling may temporarily shield many Americans from the true cost of health care under Obamacare but it does nothing to solve the problem of rising prices and government-rationed care.”
Congressman Andy Barr (KY-6) today voted in favor of Trade Promotion Authority (TPA), which establishes strict guidelines, congressional oversight, and public transparency requirements as the Obama Administration negotiates new trade agreements. The legislation gives Congress the final say on any new trade agreement, but only after any proposed agreement is available to the public for at least 60 days before a vote.
Congressman Andy Barr (R-KY) today announced he will support a bipartisan, bicameral agreement to renew and update Trade Promotion Authority (TPA). The proposal comes as the United States negotiates major trade agreements with Asia and Europe, which could open new markets for Kentucky products and support Kentucky jobs.
Congressman Andy Barr (KY-6) voted in favor of H.R. 1105, the Death Tax Repeal Act of 2015. The death tax was imposed in 1916 as a “temporary” measure to help finance World War I. Nearly a century later, this confiscatory tax threatens family-run businesses and family farms.
“Death and taxes may be certainties of life, but I don’t believe the federal government should continue to tax people after they have passed away,” said Congressman Barr. “The death tax threatens many family-owned Kentucky farms and small businesses, and I’m proud to vote for its repeal.”
Congressman Andy Barr (KY-6) today introduced the Aged Distilled Spirits Competitiveness Act of 2015. The aging process is essential to producing high quality Kentucky bourbon. However, the U.S. tax code discriminates against this process by not allowing distillers to deduct inventory expenses until the final product is sold, which can take from two to more than 20 years. Distillers of other spirits such as vodka are able to deduct these expenses right away because their products are not aged.
WASHINGTON – Today, Congressman Andy Barrapplauded the Senate’s passage of H.R. 5771, the Tax Increase Prevention Act of 2014, a legislative package designed to prevent a series of automatic tax increases at the end of the year. H.R. 5771 incorporates a provision advocated by Congressman Barr that is critical to Kentucky’s signature equine industry.
WASHINGTON – Congressman Andy Barr released the following statement upon passage of FY 2015 Omnibus: