WASHINGTON — New Medicare taxes, the health insurance tax and penalties for failure to meet coverage requirements will harm the nation's farm and ranch families, the American Farm Bureau Federation has told Congress.
The new Medicare Contribution Tax, which is a tax on unearned income such as capital gains, will burden farmers and ranchers more than many other taxpayers because farming and ranching is a capital-intensive business, AFBF noted in a statement submitted to the House Subcommittee on Oversight of the Ways and Means Committee.
Further, the imposition of the Medicare Contribution Tax when a farm or ranch is. . .
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