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Ag Law Center Director Says Taxes In Obama Care

The Affordable Care Act health law has several hidden taxes in it that may impact farmers and ranchers.   Iowa State University Center for Ag Law Director Roger Mceowen says the law is really a tax bill cloaked in health care language. He says two of the major taxes impacting producers for 2013 are sur-taxes.

The Affordable Care Act health law has several hidden taxes it that may impact farmers and ranchers.   Iowa State University Center for Ag Law Director Roger Mceowen says the law is really a tax bill cloaked in health care language. He says two of the major taxes impacting producers for 2013 are sur-taxes.

He advises farmers and ranchers to talk to their tax practitioners about ways to avoid the 3.8 percent tax on passive income.  McEowen says another tax that goes into effect July 31 is an excise tax which is a fee on self insurance plans.

McEowen says that excise tax is paid by using form 720. It covers spousal reimbursement plans that producers have utilized in the past. He says producers having any questions need to work closely with their tax advisors

He advises farmers and ranchers to talk to their tax practitioners about ways to avoid the 3.8 percent tax on passive income.  McEowen says another tax that goes into effect July 31 is an excise tax which is a fee on self insurance plans.

McEowen says that excise tax is paid by using form 720. It covers spousal reimbursement plans that producers have utilized in the past. He says producers having any questions need to work closely with their tax advisors

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