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SW Ontario | This is the least of the challenges facing young farmers today. If you are a young farmer, I would assume that your larger more established competitor pays little or no taxes. And this is true for almost any business, not just farming.
In today's economic climate the Banksters are in charge and have had huge influence on tax laws. Average Joe finances the government, not medium sized businesses or corporations. In fact, according to the Tax Policy Centre, about 48 percent of federal revenue comes from individual income taxes, 9 percent from corporate income taxes, and another 35 percent from payroll taxes that fund social insurance programs (figure 1). The rest comes from a mix of sources.
In other words, if you remove 179, another tax deduction will be found and or created.
I'll maybe start a thread one day about the real challenges young farmers face today. And it's not the fault of the old farmers; it's just that the've been fortunate enough to be born during a time that favoured asset accumulation and values.
Edited by Bert 1/26/2019 13:00
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Want to help young/small farmers?
