Green Book Concerns: some are questioning the Biden administration’s budget proposal
$28 billion dollars has been set aside for agriculture in the administration’s newly announced budget. While it is a welcome move for the industry, questions arise over revenue proposals to pay for the investments.
This is commonly referred to as the “Green Book.”
Ag CPA Paul Neiffer speaks with RFD-TV’s own Janet Adkison on what the Green Book is, the major concerns for farmers, and if it will pass.
“The one thing I think farmers need to be aware of, if they operate as a partnership-- let’s say an LLC is a partnership or an S-corporation-- essentially what the Green Book is saying is that all that income is going to be subject to either self-employment tax... or it’s subject to a net investment/income tax. So basically, all of your business, farm income is going to be subject to an extra, anywhere from 3.8 up to 15.3 percent tax,” Neiffer states.
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