President Biden rolled out “The American Families Act” this week, targeting several provisions of the tax code. While the administration indicates the proposed transfer tax would not affect 98 percent of farm estates, concern looms for those that plan to keep the farm in the family.
Ag CPA Paul Neiffer speaks with RFD-TV’s own Janet Adkison on the biggest benefits for farmers, if Biden’s plan will pass, and what ripple effects might come about.
According to Neiffer, “The benefits are really related to younger farmers because what they’re indicating is that if you have kids that are preschool age... that’s actually going to be provided free now. If you have kids that are going to be going to college... that first two years of community college are going to be free... and then there are various things related to child care... There is quite a bit for what I call ‘younger farmers with families’ in this bill. For older farmers that don’t have kids at home anymore, probably not much in the way of benefits other than on that healthcare side.”
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