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Show August, 1966 Page 5 UTAH FARM BUREAU NEWS As Others See It: One Unions View - Th Machinist, reprinted in AFLrCIO News: Union members have a right to be proud . . . over the start of the new medicare program for those over 65. This expansion of social security is the fruit of 30 years of planning, promoting, pleading and politicking by union officers, health officials, social workers, senior citizens and countless others. . . Medicare is a brave, new step toward meeting the health needs of our nation. But because it is a new step for the United States, many are worried that it wont work. Much more elaborate health insurance programs already are operating successfully in other industrial--: ized nations. There is no sound reason it shouldnt work well here... Our biggest regret is that the medicare program falls so far short of real needs.. There are no pro--visions, for example, for. glasses or hearing aids or dental plates that the elderly so often cannot afford: ' V no matter how desperate their need. And, there is no national health insurance for anyone under 65. But now that may be possible. National health insurance for everyone as part of the social security program was first recommended to Congress in 1935 by President Franklin Roosevelt. . . The bill became law in 1965 after 30 years of ef- fort bill was introIn 1943 the duced in Congress calling for expansion of the Social Security Act to include national health insurance for all . . . In 1964, the Senate and House passed conflicting measures and the bill was defeated But public demand for the legislation continued to mount Under the leadership of President Johnson .the bill became law in 1965 after 30 years of effort Lets hope the extension of medicare to the rest of the country will come more quickly. Wagner-Murray-Dinge- ll ... ; Social Security Amendment Affects Farmers Among the many changes made by the 1965 amendments to the Social Security Act, one Is of special interest to farmers. This is the change in the optional method of reporting farm income. A farmer must have net earnings of at least $400.00 or more from his farming operation in order to receive social security credit for that year. If the earnings are no can be given and credits less, social monthly security benefits could be lower. Where the net earnings are $400 or more, social security credit can be given for all net earnings up to $6,600. If the farmer works for wages as well, he can only receive credit for a sufficient of net earnings to bring the combined total up to $6,600. In general, net farm earnings are the profits from the farm operation figured by subtracting all allowable farm business expenses, including depreciation, from the gross farm It is important that all Income. proper expenses be subtracted. Gross earnings are the same as the gross farm profit that is reported on Form 1040 Schedule F of your federal income tax return. Income from the sale of equipment and livestock not held for sale, such as dairy, breeding, or work animals, should not be included in gross farm Income for social security purposes. unt Under the new provisions for optional farm reporting, a Social Security administration release notes, this method should be considered by all farmers if they have actual net earnings of less than but gross earnings of $400.00 or more. This method $600.00 would then allow some social security credit for the year and possibly higher monthly checks at retirement. If the gross farm income is between $600.00 and $2,400.00 either two thirds of the gross Income or the actual net earnings, if $400.00 or more may be reported as income. self-employm- ent If gross farm income is over $2,400.00 and actual net earnings are not more than$l, 600.00, either $1,600.00 or actual net earnings may be reported as self-employm- ent income. When the gross farm income is over $2,400.00 and actual net earnings are over $1,600.00, only the WHO NEEDS IT? Sometimes. It performs a lot of useful jobs like keeping us warm, cooking our food and many other things. Fire is a friend. Fire is also a deadly enemy. It can destroy all you o wn in a matter of minutes. Thats st insurance. You may not need where we come in. Were ready to protect you with st fire insurance from Utah Farm but you sure do need the protection of good a fire low-co- low-co- actual net earnings can be reported. When the optional method of reporting is used, only gross farm income can be considered. Other nonfarm income cannot be used when reporting under the optional method. Anyone having questions about this new method of reporting his farm income should check with the nearest Social Security orjpternal Revenue Service office. Constitutional Amendments Bureau Insurance Co. Call your insurance agent today. (Continued from Page 1) (Legislature now has the to set the expense and mileright of the members.) age 8. Adopted in the special sesThis would provide for sion. the abolition of the Board of Examiners. FARM BUREAU INSURANCE 002(3 dogeedgo Enough hot dogs to stretch from York City to Los Angeles more than ten times will be eaten during the school youngsters participating in the school lunch program. An estimated 18 million pupils will put away approximately 38,050,000 pounds or 30,026 miles worth of New franks. |