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 Supreme Court just issued their ruling stating that Obamacare is partly constitutional and partly nonconstitutional, but the constitutional right of Congress to levy taxes trumps the Commerce Clause.
This was an extremely tight 5-4 ruling, with Chief Justice Roberts siding with the four more liberal justices.
For now, the most immediate effect facing farmers is the imposition of the Medicare surtax on earned income and unearned income starting Jan. 1, 2013.
Even if Romney gets elected, any repeal of this will happen after Jan. 1, and who knows if it would affect this part of the bill or not.
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