Farm bill, milk subsidies, and congressional gridlock

Small dairy farmers in the Northeast and Wisconsin say Congress made a tough year even tougher by failing to pass a new farm bill before the old one expired.

Meanwhile, the worst drought in decades has dried up grazing lands, pushed up the price of hay and feed, and forced some dairy farmers out of business.

David Williams, president of the Taxpayers Protection Alliance, discussed the tax implications with Capital Insider.