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16 results on '"McDonald, Tia M."'

5. An analysis of tax benefits by race and ethnicity for farm households.

Author

McDonald, Tia M. and Durst, Ron

Subjects
TAX benefits, RACE, ETHNICITY, HOUSEHOLDS, FARMERS, BUSINESS tax
Abstract

This research simulates the impact on tax liabilities of five tax provisions that provide benefits to farm households by race and ethnicity. Using pooled data from the Agricultural Resource Management Survey (2017–2021), we find that, relative to White non‐Hispanic principal operator farm households, certain business tax benefits are less prevalent and of lower value for Hispanic, African American, and Native American principal operator farm households due to differences in income and investment levels. Household tax credits are significantly higher for Hispanic and Native American principal operator farm households and Asian principal operator farm households have significantly higher total tax benefits from the five provisions examined. [ABSTRACT FROM AUTHOR]

Published
2024
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7. The relative financial performance of African American farms in the United States since the Great Recession.

Author

Collins, LaPorchia A., McDonald, Tia M., Giri, Anil K., and Subedi, Dipak

Subjects
AFRICAN Americans, FARM income, FINANCIAL performance, GREAT Recession, 2008-2013, AGRICULTURAL resources, FARM finance
Abstract

Using data from the 2009–2020 Agricultural Resource Management Surveys, we compare the financial position and performance of African American farms to that of other U.S. farms. The results suggest that, relative to others, the average African American farm has lower total value of production, net cash farm income, government payments, assets, and debts. We obtained mixed results regarding financial performance, with African American farms having lower profitability, liquidity, and efficiency than others but higher solvency. To our knowledge, this study is the first to provide a contemporary overview of the status of African American farms using detailed, farm‐level financial data. [ABSTRACT FROM AUTHOR]

Published
2024
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8. Farm Households Face Larger Tax Liabilities When Provisions of the Tax Cuts and Jobs Act of 2017 Expire.

Author

McDonald, Tia M. and Durst, Ron

Subjects
FAMILY farms, AGRICULTURE, FARM size, FARM income, TAX cuts, WEALTH tax, INCOME tax, INTEREST rates, STATE & local tax deductions
Abstract

This article examines the potential consequences of certain provisions of the Tax Cuts and Jobs Act of 2017 expiring on the tax liabilities of farm households. The provisions that will have the greatest impact include reduced marginal tax rates, the qualified business income deduction, and the expanded Child Tax Credit. If these provisions expire, farm households can expect higher tax liabilities, with moderate-sales farm households experiencing the largest percentage increase. The article also discusses the expiration of estate tax provisions, which would result in a higher percentage of farm operator estates owing tax. The information in this document is based on a study conducted by Tia M. McDonald and Ron Durst in February 2024 and includes sales data for different sizes of farms and households, as well as information on estate tax exemptions. The article suggests that a decrease in the estate tax exemption could have implications for family farms. It also provides additional resources for further research on the Farm Bill, federal tax issues, and the effects of the Tax Cuts and Jobs Act on farms and households. [Extracted from the article]

Published
2024

9. Farm Size, Specialization Are Among Factors Influencing Financial Performance of African-American Farms in the United States.

Author

Collins, LaPorchia A., McDonald, Tia M., Giri, Anil K., and Subedi, Dipak

Subjects
FARM size, AGRICULTURE, FINANCIAL performance, FARMS, RACIAL minorities, BUSINESS negotiation
Abstract

The article discusses the financial performance of African-American farms in the United States compared to farms operated by individuals of other races. It highlights that African-American farms generally had lower total value of production, net cash farm income, and government payments. The article also mentions that African-American farmers have historically had limited access to government support programs due to the small size of their farms. The COVID-19 pandemic has brought renewed attention to the economic challenges faced by minority farmers, leading to the creation of an equity commission and increased funding for outreach and assistance programs. The article concludes by discussing the differences in farm size, profitability, and commodity choice that contribute to the financial disparities between African-American farms and other farms. [Extracted from the article]

Published
2024

16. The Effect on Family Farms of Changing Capital Gains Taxation at Death

Author

McDonald, Tia M., Durst, Ron, and Whitt, Christine

Subjects
Capital gains tax, stepped-up basis, Farm Management, family farms, carry-over basis, estates, Financial Economics, Land Economics/Use, Research Methods/ Statistical Methods
Abstract

This report presents a method for assessing impacts of changes to capital gains taxation at death for family farm estates, an approach which accounts for the structural changes in a person’s wealth portfolio that often occurs as a person ages. The method is applied to the American Families Plan, which proposes to eliminate stepped-up basis for inherited assets greater than $1 million for individuals’ estates and $2 million for married couples’ estates while deferring capital gains tax liability on business assets as long as the business remains family operated. The results suggest that of the estimated 32,174 family farm estates in 2021, 1.1 percent would owe capital gains taxes at death, 18.2 percent would not owe capital gains taxes at death but could have deferred tax liability if the farm assets do not remain family-owned and operated, and 80.7 percent would have no change to their capital gains tax liability.

Published
2021
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