Transfer Tax Pt 2

Transfer Tax Pt 2

Bob Larson
Bob Larson
I’m Bob Larson. With high capital expenses and low profit margins, a proposed transfer tax could be much worse for farmers and ranchers than the estate tax.

Clifton Larson Allen CPA firm principal, Paul Neiffer says the Biden Administration is putting out misleading numbers to justify the idea of a transfer tax …

NEIFFER … “The USDA came out with an announcement saying 98% of farm families would not be affected by this transfer tax. That’s because 98% of their farmers in their data base do not make a living from farming. You know, it’s a hobby farm or it’s the doctor from in town and so on.”

Neiffer says for those farmers who DO make their living off 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 bucks.”

But, does the transfer tax stands a chance of passing …

NEIFFER … “Now, this is me with my crystal ball which is very cloudy, I think there’s enough angst by Democratic Senators and Representatives in farm country, that I think the proposal related to farming and closely held businesses likely will not go through.”

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

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