3-18 IAT Ag Taxation

 New Taxes Burdensome for Farm and Ranch Families. New Medicare taxes, the health insurance tax and penalties for failure to meet coverage requirements will harm the nation’s farm and ranch families,according to the American Farm Bureau Federation and they have articulated that position to Congress.  Idaho Farm Bureau reporter Jake Putnam who is closely tied to the  American Farm Bureau Federation made note of reasons why the Medicare Contribution Tax is particularly tough on the agricultural community: “The new Medicare Contribution Tax, which is a tax on unearned income such as capital gains, will burden farmers and ranchers more than many other taxpayers because farming and ranching is a capital-intensive business, AFBF noted in a statement submitted to the House Subcommittee on Oversight of the Ways and Means Committee.”

Farm Bureau supports repeal of the 3.8 percent Medicare Contribution Tax that will be applied to “unearned” income of so-called high-income taxpayers and the new 0.9 percent Medicare tax that will be imposed on wages and self-employment income above established thresholds for high-income individuals.