Millionaire's Tax and Farmers
From the Western Ag Network, I’m Bob Larson with today’s Fruit Grower Report. So, with the midterm election behind us, we now have to wait and see how the millionaire’s tax could potentially impact everyone, including farmers.
For them, Pam Lewison, Ag Director at the Washington Policy Center, says it’s kind of a wait and see …
LEWISON … “What the analysis shows right now is that it won’t, maybe, but I think maybe in that little sort of middling doubt is there, and there’s no real firm answer about what it could look like for farmers and ranchers.”
But other things that have rolled out recently, like the CCA tax and the luxury vehicle tax, Lewison says weren’t supposed to impact farmers either …
LEWISON … “Farmers are supposed to be exempt from this luxury tax. So, semi trucks, UTV’s, those kinds of things are exempt. But pickups are not, which I thought was an interesting little footnote because, arguably, a pickup is the most used vehicle on a farm.”
Bottom line, Lewison says plan ahead …
LEWISON … “I would advise that any person in agriculture that has any question about it, should most certainly consult an accountant and an attorney to make sure that they are bullet-proofed from the implementation of the millionaire’s tax.”
To learn more, go to www.washingtonpolicy.org and click on the agriculture tab.
