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Iowa Farmers here, please answer me this...

There's a reason so many farming operations are LLCs. I have no problem with acquired wealth, but the continued sobsidation of these Mega farms is ridiculous.

Tax avoidance is part of the American dream for wealthy citizens. Hell, the President is Exhibit A.

In reference to the anti Greenfield ads... it's just funny how Republican SuperPacs and the like constantly attach Pelosi's name to any Democrat running for elected office. They must believe the low intelligence voters will buy it.
Low intelligence voters buy into it on both sides not just one.
 
Two issues that you guys have missed already in this thread:
1) Biden is already on record on reducing funds for public safety. He'll continue the charade that has already started in some liberal dystopias
2) The death tax does impact a number of families at the $11 million mark. Unfortunately the second you have a fringe leftist like Biden in the WH and a sympathetic Congress, that taxable level would drop in a moment back to a number that would likely impact almost all contributing people.
Gone...a few years ago...2012 or 2015, according to the IRS...there were 15 farmers/ ranchers in the entire United States that would be subject to “Death Tax” rates...I doubt that figured has moved much since that time. The “Death Tax” is a rallying call for the right-wing of America...it just simply is not a reality. Plus, I bet a farmer/rancher with a net worth of $11.5 M, can probably afford an attorney and mitigate the affects of the death tax considerably.
Your supposition that Biden and Congress will drop the threshold of the Death Tax is mere supposition on your part. There is NO fact to back up your fear!
When was the last time Congress raised your income tax...or your estate taxes?
 
How does the “Pelosi/Greenfield Death Tax” adversely affect you? Or, are you part of or a victim of this GOP inspired false flag?

2 biggest political campaigning lies to date ( it’s only July) are the “Biden wants to defund the police” bullshit and the “Pelosi/Greenfield Death Tax” Lie....
Any Rep running in Iowa is running against Pelosi, acc. to the ads--not their Iowa opponent..
 
Lol. It’s not for conservatives. Good luck.

I make my own luck.

What I certainly don't do is make veiled threats to random people on message boards. Do you realize what an enormous POS you come off as?

Consider the option I suggested, it would make the world a better place.
 
Gone...a few years ago...2012 or 2015, according to the IRS...there were 15 farmers/ ranchers in the entire United States that would be subject to “Death Tax” rates...I doubt that figured has moved much since that time. The “Death Tax” is a rallying call for the right-wing of America...it just simply is not a reality. Plus, I bet a farmer/rancher with a net worth of $11.5 M, can probably afford an attorney and mitigate the affects of the death tax considerably.
Your supposition that Biden and Congress will drop the threshold of the Death Tax is mere supposition on your part. There is NO fact to back up your fear!
When was the last time Congress raised your income tax...or your estate taxes?
I find that 15 number extremely hard to believe unless they are first eliminating all farms/ranches that are LLCs or otherwise exempted. At $8K/acre, that's less than 1,400 acres. I can identify 15 people in this area that own that much.
 
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A country where the wealthy, landed elite are able to create and pass on dynastic wealth...hmmm, that rings a bell.
 
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I find that 15 number extremely hard to believe unless they are first eliminating all farms/ranches that are LLCs or otherwise exempted. At $8K/acre, that's less than 1,400 acres. I can identify 15 people in this area that own that much.
It’s “ family farms”...LLCs are Corporations with all kinds of different rules...and I guarantee you, there must be huge advantages to LLCs as opposed to family farms from all kinds of viewpoints.
The fact of the matter, is the presentation of the facts in the ad are a false flag in today’s Farm world! Farmers are not that phuquing dumb!
 
It’s “ family farms”...LLCs are Corporations with all kinds of different rules...and I guarantee you, there must be huge advantages to LLCs as opposed to family farms from all kinds of viewpoints.
The fact of the matter, is the presentation of the facts in the ad are a false flag in today’s Farm world! Farmers are not that phuquing dumb!
Got it. I didn't pay any attention to the ad because I don't care, just knew that the number of farms over that valuation is/was much higher.

I will say, I think I do know a couple farmers that dumb, but thankfully they're also too dumb to do their own taxes so their attorney/accountant is smart enough to get them into a LLC.
 
A country where the wealthy, landed elite are able to create and pass on dynastic wealth...hmmm, that rings a bell.
You do understand this has been going on in the United States for quite some time, don’t you? This isn’t something new.
 
There are nearly 2000 farms in Iowa 2000 acres or larger. The trend is for larger and larger farms.

Now, imagine those were split in half, so more families could farm!!!

Even simple math tells you that someone farming 1000 acres at the margins currently is going to struggle financially over time without outside income.

Corn (Assuming land is owned with no debt)
1000 acres x 200 bushels x $3.05 (Jan 21 cash bid) = $610,000

Throw in your input costs for seed, fertilizer and chemical at $450 an acre and you have an income of $160,000 which doesn't include any property tax, insurance, diesel fuel, repairs, parts, labor, interest or machinery payments. Hell, even a 25 year old JD 8400 tractor with 200hp will bring $85k at an auction. Keeping your costs down is the name of the game. Always has been but it sure helps by adding acres to your operation when margins are thin to spread your expenses over more acres instead of less. This is why guys rent more ground to help defray costs of equipment ownership.

Obviously anyone who owns land and machinery free and clear of debt has an advantage in farming, which is why the plat book isn't full of names of poor people.
 
Lol. Gun purchases have sky rocketed last 3 months. And if Sundown wins people will be purchasing a crazy amount in Dec.
If you can find anything by Dec.

Decided it might be a good time to buy a duplicate of my main carry (P365). No can do...the cupboards are already very bare for a lot of model/types of guns.
 
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If you can find anything by Dec.

Decided it might be a good time to buy a duplicate of my main carry (P365). No can do...the cupboards are already very bare for a lot of model/types of guns.
My oldest Son just bought a 365 a couple weeks ago.
 
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Just to add some facts to the discussion - each person gets $11.5 million free of estate tax. That means a husband & wife can pass $23 million with no estate tax.

With proper planning that any estate attorney can do, that number could increase substantially with family gifts, trust planning, etc.

And a great deal of this wealth has never been taxed (appreciation).
 
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My oldest Son just bought a 365 a couple weeks ago.
Plain Jane or the fancy one and does he like it? I have the Plain Jane and like it enough to commit to a spare.... was able to find the tricked out one but do not care for the sights or porting. Not really interested in purchasing one over the internet either.
 
Just to add some facts to the discussion - each person gets $11.5 million free of estate tax. That means a husband & wife can pass $22 million with no estate tax.

With proper planning that any estate attorney can do, that number could increase substantially with family gifts, trust planning, etc.

And a great deal of this wealth has never been taxed (appreciation).
It needs to be taxed. I doubt what the farmers have done has been as abusive as others but wealth (especially when it has been largely appreciated and not yet taxed) needs to get taxed.

What often happens is that they will average cost the value of that land which they often owe little or nothing on to purchase more land and can justify paying a very high price for the new since their average cost of total land is still low. Factor in that they can leverage the land they inherited to fund the new land they are buying and it creates a situation where the average Joe who didn't inherit his land doesn't have a chance to buy more land. That is part of the reason why you can see land prices still sky high even when commodity prices are low.

Make it taxible...even if they have to borrow on it to pay the inheritance tax. At least that helps the next guy out trying to farm instead of creating the opportunity for the wealthy to become more wealthy.
 
My father owned and operated a small town pharmacy for 35 years. My father-in-law owned and operated at farm near that same small town for a similar number of years. I'm guessing they made similar investments in their businesses - probably $25k - $50k.

Both worked hard, raised children, were good members of the community. Both accumulated $600,000 - $800,000 in savings for retirement and, along with social security lived comfortable lives.

My father basically closed his store for little value when Wal-Mart came to town. My father in law passed away. My mother-in-law has a farm worth in excess of $1.3 million.

I say good for my FIL. Fortune smiles on people at different times.

But, take that story times 20 - there are those that did nothing to earn their $26 million (in this example) in farm value except hold on to it. I am certainly not going to feel sorry for them have to pay a little estate tax.
 
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Using legal tax breaks is not “gaming” the system.

You want farmers to pay more in taxes? Change the law.

You want to break up large farming operations? Change the law.

You want to get rid of lobbyists (all lobbyists, not just the ones for businesses/industries you hate)? Change the law.
I already stated we need tax reform. And I'm not voting for Republicans that simply want to cut taxes in an election year.

The concept shouldn't be difficult to understand. Trump and MoscowMitch are trying to buy votes. And they want to eliminate oversight, to boot.

The Iowa corruption is being looked at now that we have a Democrat State Auditor. The Upmeyer/Reynolds creative bookkeeping is done.
 
1. I don’t have a problem with it.
2. Why do you always want things changed to be more socialistic?
Farmers spend decades of their lives collecting ungodly subsidies along with having the ethanol industry propped up, but paying taxes after death on the estate (if it's valued above $11.5 million) is a slippery slope to socialism. Seems logical.
 
I grew up on a farm and worked in the ag industry for 20 years after college. Worked for local Coops, Northrup King, and Cargill.

I don't hate farmers, but I do know that they are among the most gifted segments in Merica.

Pissing and moaning about taxes is a staple of the ag industry. The ads about the "death tax" are nothing but an election scare tactic.
 
1. I don’t have a problem with it.
2. Why do you always want things changed to be more socialistic?
“Socialistic”? Hardly...what is socialistic about paying taxes on ACQUIRED wealth that has not been taxed?
What you are advocating is a life style that drove many Europeans to the new world a few centuries ago. You advocate wealth by birthright as opposed to earning your own wealth? Or do you dislike lawyers that much?
 
Just to add some facts to the discussion - each person gets $11.5 million free of estate tax. That means a husband & wife can pass $23 million with no estate tax.

With proper planning that any estate attorney can do, that number could increase substantially with family gifts, trust planning, etc.

And a great deal of this wealth has never been taxed (appreciation).
No...I believe the number is like $5.5M per person...$11M per couple...again, government stats indicate VERY few American farmers/ranchers will be affected..damn few...whereas the advertisement is presented in a way that most, if not every farmer in Iowa is screwed. The ad is a blatant lie. A false flag.
 
I make my own luck.

What I certainly don't do is make veiled threats to random people on message boards. Do you realize what an enormous POS you come off as?

Consider the option I suggested, it would make the world a better place.
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Two issues that you guys have missed already in this thread:
1) Biden is already on record on reducing funds for public safety. He'll continue the charade that has already started in some liberal dystopias
2) The death tax does impact a number of families at the $11 million mark. Unfortunately the second you have a fringe leftist like Biden in the WH and a sympathetic Congress, that taxable level would drop in a moment back to a number that would likely impact almost all contributing people.
how many farmers in iowa are at the 11 million mark?
 
No...I believe the number is like $5.5M per person...$11M per couple...again, government stats indicate VERY few American farmers/ranchers will be affected..damn few...whereas the advertisement is presented in a way that most, if not every farmer in Iowa is screwed. The ad is a blatant lie. A false flag.
He’s right. The exemption was raised two years ago to $11.45 million I believe ($23 million for married couples) adjusted for inflation through 2025, when it’s supposed to revert back to $5.5 million. Whether that happens I’m sure depends on who is in control of the government.
 
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Just to add some facts to the discussion - each person gets $11.5 million free of estate tax. That means a husband & wife can pass $23 million with no estate tax.

With proper planning that any estate attorney can do, that number could increase substantially with family gifts, trust planning, etc.

And a great deal of this wealth has never been taxed (appreciation).

This is my thing. Grandpa bought that farm at a
Couple hundred an acre and it’s now worth 8000. Don’t want to pay estate taxes? Fine, pay capital gains when you sell
 
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This is my thing. Grandpa bought that farm at a
Couple hundred an acre and it’s now worth 8000. Don’t want to pay estate taxes? Fine, pay capital gains when you sell
Not positive but I think you would be liable for the appreciation in value from your grandpas death to when it was sold and not from his original purchase.
 
Plain Jane or the fancy one and does he like it? I have the Plain Jane and like it enough to commit to a spare.... was able to find the tricked out one but do not care for the sights or porting. Not really interested in purchasing one over the internet either.
Plain one, bought it at Fleet farm.
 
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