Transfer tax Pt 2 – AG WEST INFORMATION NETWORK

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Transfer tax Pt 2

I am Bob Larson. With high capital outlays and low profit margins, a proposed transfer tax could be much worse for farmers and ranchers than the inheritance tax.

Clifton Larson Allen, CPA chief Paul Neiffer, said the Biden administration is releasing misleading figures to justify the idea of ​​a transfer tax …

NEIFFER… “The USDA made an announcement saying that 98% of farm families would not be affected by this transfer tax. This is because 98% of their farmers in their database do not make a living from farming. You know, it’s a hobby farm or it’s the town doctor and so forth. “

Neiffer says that for farmers who make a living from farming, the transfer tax is a terrible idea …

NEIFFER… “Almost all the farmers I deal with would be negatively impacted by this transfer tax. And, I know Texas A&M did a study. I think others have done a study and they think the average tax, probably, on the average farm family would be close to a million dollars.

But, do the transfer rights have a chance to pass …

NEIFFER… “Now it is me with my crystal ball which is very cloudy, I think there is enough anxiety among senators and Democratic representatives in agricultural countries, that I think the proposal linked to the agriculture and private enterprises are unlikely to be adopted. “

For now, Neiffer says don’t change anything, but definitely phone your man or woman in Congress and let them know the transfer tax would be wrong.

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