Political Quotes

Mark Neumann: “They say under this new Tax Code, reclaiming my time, that 90 percent of all farms may now be passed from one generation…”

On the recordSeptember 29, 1997
They say under this new Tax Code, reclaiming my time, that 90 percent of all farms may now be passed from one generation to the next generation without the tax being due, the death tax being due to the extent where many of those farms are being sold. The other thing that affects and directly impacts the agriculture industry of course is that many farms are now corporations, which means there is stock in the corporation and as the stock is transferred, the capital gains rate directly impacts what taxes are due, and of course the reduced capital gains tax helps our farmers immensely.
Said by
Mark Neumann
Wisconsin

Editor's note · Context

Discussing the impact of the new Tax Code on farms and the agriculture industry.

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