Farm tax specialist says Biden tax proposals would help young farmers
A farm tax specialist suggests President Biden’s tax proposals aren’t all doom and gloom for agriculture.
Chad Hansen with farm accounting firm Corporate Farmer in Mason City, Iowa says there are a lot of potential benefits for young farmers in the President’s American Families Plan.
“The free preschool and maybe college, the child tax credit, and some of these other things that might be beneficial for (young) families.”
But he tells Brownfield middle-age and older farmers will probably get stuck paying for it.
“And the transition as they pass on that farm to the next generation, I think there’s some real concerns as far as how all of this is going to work out and how that’s going to affect the family farm.”
Hansen says while proposed changes to the estate tax grab most of the headlines, the bottom line is this shift in tax policy from the previous administration will result in most farmers owing more money to “Uncle Sam.”