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Do Farmers Need Tax-Deferred Savings Accounts to Help Manage Income Risk?

Author

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  • Monke, James D.

Abstract

Farmers' incomes vary with market conditions and yields. The Federal Agriculture Improvement and Reform Act of 1996 places more risk management responsibility on farmers. Savings accounts are one mechanism that could help farmers manage their income variability. Tax incentives have been proposed to encourage the use of such savings accounts, with benefits expected to accrue both to individual farmers and their communities. Participation rules tied to farm income may favor larger, more prosperous farmers. Because many farmers already save or use other methods to smooth household consumption, tax-advantaged accounts may largely substitute for existing risk management methods and offer limited additional overall benefits to the farm sector and rural areas.

Suggested Citation

  • Monke, James D., 1997. "Do Farmers Need Tax-Deferred Savings Accounts to Help Manage Income Risk?," Agricultural Information Bulletins 33737, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersab:33737
    DOI: 10.22004/ag.econ.33737
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    File URL: https://ageconsearch.umn.edu/record/33737/files/ai977247.pdf
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    Cited by:

    1. Bahrs, Enno & Blanck, Niklas, 2009. "Die Risikoausgleichsrücklage als Instrument des landwirtschaftlichen Risikomanagements," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 58(04), pages 1-9, May.
    2. Teresa Serra & Barry K. Goodwin & Allen M. Featherstone, 2004. "Determinants of investments in non‐farm assets by farm households," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 64(1), pages 17-32, May.
    3. Monke, James D., 1997. "Tax-Deferred Risk Management Accounts For Farmers," 1997 Annual meeting, July 27-30, Toronto, Canada 21025, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Amber Remble & Maria Marshall & Roman Keeney, 2014. "Household Saving Behavior and the Influence of Family-Owned Business," Journal of Family and Economic Issues, Springer, vol. 35(3), pages 411-422, September.

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    Keywords

    Agricultural Finance;

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