West of Mpls MN about 50 miles on Hwy 12 | Don't worry buck, I've always paid more than my fair share. I was lucky, I started farming when things were a hell of a lot tougher than they are now.
It doesn't really matter what percent tax rate I paid on farming profit when there was no farming profit.
We have three adult children, two with special needs. At one time in our lives we had three health insurance policies, each with a $12,500.00 deductible that covered practically nothing and had $1 million coverage caps. We had to buy a maternity rider at a cost of $7500.00/year, and had to have the maternity rider in place for at least nine months before the maternity rider would cover any maternity costs. At the peak we were paying well over $20,000.00/year in premiums, + $7500.00 for the maternity rider for a healthy family of five. We forced the doctor to break the baby machine at a very young age.
When we had healthcare costs like that, the local canning company and farmers were paying less than $10.00/hour for seasonal work, cash corn and soybeans were selling for CCC loan rate or below, fat hogs were selling for $.10/lbs. and 10% was considered cheap interest on the note at the bank. Real estate taxes were around $12.00 to $15.00/tillable acre with a run down set of buildings and 100 year old remodeled house in a corner of one of the 40's. So you don't have it so bad.
Even though my two sons are mentally handicapped, they have always been very healthy, my daughter has been healthy as well, but we still got screwed. Health insurance/healthcare was a serious problem for millions of people in the USA long before the ACA was ever passed...that's a fact.
If I had it to do over again, I would structure things alot different than what I did so health insurance wouldn't have been such a financial burden for us. You should re structure...or farm more so you can get the MNSURE subsidy. This is sound advice coming from a life time of experience.
I started our own small health insurance group with several employees a couple years ago. Now I'm paying part of several other peoples health insurance premiums so we can afford ours. Tell me how that's fair?
FWIW, real estate taxes for me this year were $23.79/tillable acre with a run down set of buildings and a 130 year old remodeled house in a corner of one of the 40's this year. Mn farmers have always received a few pretty decent real estate ta breaks on ag land IMO.
Sell the house in town and buy a forty acre farm with a run down set of buildings and a remodeled 130 year old house in the corner buck, don't just talk about it. You'll save a pile of money in taxes. |
Income taxes in MN.
