AGRIBUSINESS: Death Tax Eliminated, Retirement Tax Imposed
The Death Tax has been eliminated for most farmers, but the next phase of the Affordable Care Act will impose a “retirement tax.”
The American Farm Bureau has brought forth data to show that the increase in the capital gains tax, from 15% to 20%, plus the 3.8% healthcare tax will be required for farmers who wish to sell their land and retire. Farm Bureau argues it will be harder for young farmers to buy land and more costly for farmers to sell it.
The 3.8% healthcare tax is only imposed on a married couple making more than $250,000 income. Farm Bureau favors a one percent tax on Medicare, for high income earners, and a self-employment tax.