(Washington D.C.) Part of President Biden’s American Families Plan includes a proposal for a new transfer tax that farm and ranch families should be wary of. That’s according to Paul Neiffer with the Clifton Larson and Allen CPA firm in Washington state. He says the million-dollar exemption on appreciated assets sounds good, but.
Neiffer says it’s pretty simple really.
Bottom line, Neiffer says the transfer tax is substantially worse than the estate tax.
Neiffer says it’s important that every agricultural stakeholder get on the phone with their elected officials and let them know the transfer tax is wrong.
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Submitted by Chad Smith on Tue, 08/03/2021 – 10:29
Source: FBRD (Farm Broadcaster)
Audio provided by Bob Larson, Ag Information Network of the West, Walla Walla, Washington
Audio with Paul Neiffer (NEE-fer), Clifton Larson and Allen CPAs, Yakima, Washington
