The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
The American Jobs Act introduced in the Senate last week (commonly known as the Millionaire Surtax bill) contains some provisions that will help out our farmers. These are:
In order to pay for these tax cuts, the act imposes a surtax of 5.6% on taxpayers earning more than $1 million beginning in 2013. (It is interesting how these tax increases always seem to apply right after a presidential election.) This is the so-called Millionaire Surtax provision.
All in all, there do appear to be several tax goodies in the act for our farmers and almost everybody else who works for a living in the U.S. If it passes, we will keep you updated on any changes.
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