Biden’s tax plan includes not only a removal of the step up in basis but an immediate tax due on unrealized capital gains assessed on the transfer. So, whether you sell the farm or not, you’ll owe the tax on the increase in value from the day it was purchased to the day you inherit. So, of course, the only way for most people to pay it will be to sell.
Obviously, the little guy will take it up the ass. Corporations, the ultra rich, and of course Chinese investors will soon own all the land.
And then farming will stop.
MM
And then farming will stop.
MM
No, it won’t. The owners will be in China or Silicon Valley and farmers will all be hired hands.
So he's working with the piece of trash bill gates of hell .
That's why....gates is taking over the food supply ...the SOB! Son of Belial
I knew there was going to be more schemes to come.
Now I'm too mad to sleep!
When you have some verbage this week, could you post it?
I.hope your news source made a mistake.
And that is what paddler and suck ass and cowboy Tim voted for, the downfall of decent folks and America.
Fugg it.
No one gives a schit about farmers anyway.
Send them checks boys. You can finally get what you want.
Cheaper food....and no American making a dollar.
Well done.
Transfer and "equalization" of wealth. The citizens will all be poor together and the politburo elite will own everything.
Democrats: stupid fzcking idiots I hate ‘em all even a couple family members I hate them just the same. They know it too.
You any kin to JoJo the Dogfaced boy?
Dont worry the environmentalists will be along to offer the ranchers and farmers heirs a conservation easement on their land instead of paying the tax or having to fire sale half the land to pay the tax. Their way of controlling your land without really paying for it.
Hey, I’m sure it’s “for the children”, like everything else they do.
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
Biden’s tax plan includes not only a removal of the step up in basis but an immediate tax due on unrealized capital gains assessed on the transfer. So, whether you sell the farm or not, you’ll owe the tax on the increase in value from the day it was purchased to the day you inherit. So, of course, the only way for most people to pay it will be to sell.
Obviously, the little guy will take it up the ass. Corporations, the ultra rich, and of course Chinese investors will soon own all the land.
Dont pay the tax! Fight
if this occurred, it'd be from the time of the edict forward, right? behooves one to get everything into their kids names as fast as possible?
like guns, if there's a new law, hopefully it'd only effect the next generation if we've already done our due diligence?
oh, they will have their reasons if they decide implement such a maneuver. how can we counter?
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
Exactly, let fox in the hen house
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
if the great American growth engine is stalling (ain't sayin' it is), then they are looking at turning over every rock searching for assets to tax to keep the elite's wealth intact. this is a serious moment when the dems are concerned about the russians while co-habiting with the chinese to clean our clocks. if the chinese are in the ascendancy they are looking for allies to help them extend their empire. they're already buying up africa. america's farmland can produce food for them. why allow the farmers to profit?
Where have I read about about someone trying to control the food supply?
Where have I read about about someone trying to control the food supply?
![[Linked Image from dg.imgix.net]](https://dg.imgix.net/resolved-to-read-the-bible-zc7fors3-en/landscape/resolved-to-read-the-bible-zc7fors3.jpg)
No different than guns...
Get everybody all worked up... so everybody can come up with "work arounds" to keep what is already theirs.
Starve the Beast NOW...
Sounds rather 1920,s soviet collective farm like.
Insted of outright seizure of your land and a bullet in the head or a trip to siberia.
They are just gonna invent tax codes to do it and give their portfolio book corporate farm type buddies the rights to farm .gov leased land they siezed cause of invented pull a rabbit outta the hat new tax laws.
A goodly portion of the AG community help put Biden in the Oval, they may just reap what they sowed...
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
Exactly, let fox in the hen house
And the 2022 3peat of election fraud will seal our fate.
Then when the Ho wins in 2024 with more election fraud.
We are f u c k e d.........
"I hear the train a coming, its rolling round the bend"....Johnny Cash.
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
Exactly, let fox in the hen house
And the 2022 3peat of election fraud will seal our fate.
Then when the Ho wins in 2024 with more election fraud.
We are f u c k e d.........
The Ho will be seated long before 2024.
Fugg it.
No one gives a schit about farmers anyway.
Send them checks boys. You can finally get what you want.
Cheaper food....and no American making a dollar.
Well done.
Don’t forget...
ORANGE MAN BAD
The problem is that very few people in the country own more than a house lot, if that. There will be little to no opposition to Gates et al seizing and controlling the land. There have been U.S. government farm policies for decades with the aim of urbanizing the population. It has worked. If a government wants to control people they have to be corralled. That was our policy in Vietnam and why we used Agent Orange to destroy crops and soldiers to "pacify" villages. We had to get those gooks into town.
The second generation is the weak seed.
if the great American growth engine is stalling (ain't sayin' it is), then they are looking at turning over every rock searching for assets to tax to keep the elite's wealth intact. this is a serious moment when the dems are concerned about the russians while co-habiting with the chinese to clean our clocks. if the chinese are in the ascendancy they are looking for allies to help them extend their empire. they're already buying up africa. america's farmland can produce food for them. why allow the farmers to profit?
I think this is exactly the plan. They know their green policies will tank the economy and they are looking for ways to protect tbose who hold America's debt namely the Chinese.
Thanks for the heads up.
I'll make a point to ask our tax lawyer bout that.
Sounds rather 1920,s soviet collective farm like.
Insted of outright seizure of your land and a bullet in the head or a trip to siberia.
They are just gonna invent tax codes to do it and give their portfolio book corporate farm type buddies the rights to farm .gov leased land they siezed cause of invented pull a rabbit outta the hat new tax laws.
You can book on the fact that the mass, state sponsored, murder phase is coming. They only need your guns before they begin.
I'm interested in the tax law, not Gates' attempts to diversify his portfolio.
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
Exactly, let fox in the hen house
And the 2022 3peat of election fraud will seal our fate.
Then when the Ho wins in 2024 with more election fraud.
We are f u c k e d.........
The Ho will be seated long before 2024.
Gee.....
I never thought that was part of the plan.
Thanks for that stunning revelation.
Then she can run for 2 terms if she ascends the throne at 2yrs and 1 day into " Joeys" reign when he abdicates due to his med probs.
Gawd....
I just dont stop learning on here ever!!!!
I need to become more astute constitutionally and politicallly.
LOL!!!
And then farming will stop.
MM
No, it won’t. The owners will be in China or Silicon Valley and farmers will all be hired hands.
Exactly, Biden will make sure the Chicoms won’t be put in the situation Trump had them in ever again.
When my grandfather died in 1966, his house was worth $8 k. Now it is worth $450k. It is the same house, but the gains are mostly inflation.
Inflation is caused by the government.
Sounds rather 1920,s soviet collective farm like.
Insted of outright seizure of your land and a bullet in the head or a trip to siberia.
They are just gonna invent tax codes to do it and give their portfolio book corporate farm type buddies the rights to farm .gov leased land they siezed cause of invented pull a rabbit outta the hat new tax laws.
You can book on the fact that the mass, state sponsored, murder phase is coming. They only need your guns before they begin.
I don't plan on being a sheep when that starts happening.
Take some soon to be former O2 users with me....
I know enough not to aim at a chest plate.
Belly and pelvic gridle shots.
Sucks to be whoever then.......
I got zilch to lose at that point.
I had a good run and if I can see another day break at that point in time. Fugg it .... Do another day and see what happens.
Might rack up some decent #,s before my ticket gets punched.
They already have some long term schitt going on with the C19 vaccine and DNA/ RNA mods. JMO......
Homie aint playing that game either.
Transfer and "equalization" of wealth. The citizens will all be poor together and the politburo elite will own everything.
They're going to break it all down until the only option left is storming the Bastille.
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
Exactly, let fox in the hen house
And the 2022 3peat of election fraud will seal our fate.
Then when the Ho wins in 2024 with more election fraud.
We are f u c k e d.........
The Ho will be seated long before 2024.
Gee.....
I never thought that was part of the plan.
Thanks for that stunning revelation.
Then she can run for 2 terms if she ascends the throne at 2yrs and 1 day into " Joeys" reign when he abdicates due to his med probs.
Gawd....
I just dont stop learning on here ever!!!!
I need to become more astute constitutionally and politicallly.
LOL!!!
With compliments.
You’re welcome.
Why doesn't Paddler, SuckAssCharlie, or ISRO ever post on topics like this?
The problem is that very few people in the country own more than a house lot, if that. There will be little to no opposition to Gates et al seizing and controlling the land. There have been U.S. government farm policies for decades with the aim of urbanizing the population. It has worked. If a government wants to control people they have to be corralled. That was our policy in Vietnam and why we used Agent Orange to destroy crops and soldiers to "pacify" villages. We had to get those gooks into town.
Farms aren't the target, folks. In reality, about half the houses in metro cities are worth as much or more than the average farm. Loss of the stepped up basis will effect every one of them, and the net income from just that little change...... would blow your mind. In the case of housing, the solution is easy, sell instead of passing to your heirs (capital gains exemption on personal homes). Most people, however, are piss poor tax planners, or think they won't die, so if this goes through, it will impact quite a few people.
As far as farms and business, it will keep the tax and estate attorneys busy, and the diligent will implement the work arounds, but those who fail to plan will be skewered.
The problem is that very few people in the country own more than a house lot, if that. There will be little to no opposition to Gates et al seizing and controlling the land. There have been U.S. government farm policies for decades with the aim of urbanizing the population. It has worked. If a government wants to control people they have to be corralled. That was our policy in Vietnam and why we used Agent Orange to destroy crops and soldiers to "pacify" villages. We had to get those gooks into town.
Farms aren't the target, folks. In reality, about half the houses in metro cities are worth as much or more than the average farm. Loss of the stepped up basis will effect every one of them, and the net income from just that little change...... would blow your mind. In the case of housing, the solution is easy, sell instead of passing to your heirs (capital gains exemption on personal homes). Most people, however, are piss poor tax planners, or think they won't die, so if this goes through, it will impact quite a few people.
As far as farms and business, it will keep the tax and estate attorneys busy, and the diligent will implement the work arounds, but those who fail to plan will be skewered.
What about Trusts, Dutch?
Your opinion?
The problem is that very few people in the country own more than a house lot, if that. There will be little to no opposition to Gates et al seizing and controlling the land. There have been U.S. government farm policies for decades with the aim of urbanizing the population. It has worked. If a government wants to control people they have to be corralled. That was our policy in Vietnam and why we used Agent Orange to destroy crops and soldiers to "pacify" villages. We had to get those gooks into town.
Farms aren't the target, folks. In reality, about half the houses in metro cities are worth as much or more than the average farm. Loss of the stepped up basis will effect every one of them, and the net income from just that little change...... would blow your mind. In the case of housing, the solution is easy, sell instead of passing to your heirs (capital gains exemption on personal homes). Most people, however, are piss poor tax planners, or think they won't die, so if this goes through, it will impact quite a few people.
As far as farms and business, it will keep the tax and estate attorneys busy, and the diligent will implement the work arounds, but those who fail to plan will be skewered.
cant agree that farms arent one of the main targets here.....farmers were heavy Trump voters and this Biden bunch is vindictive as hell if nothing else
it doesn't take much of a farm to be worth several million these days , how does that compare to the value of an *average* house ?
This sounds like something CA is trying to do, taxes on unrealized gains. If you have stocks and their value has increased over the years you must pay taxes on the increases quarterly, instead of when you sell the stocks.
You tube link on:
https://youtu.be/3aDCbioe5RM
And then farming will stop.
MM
And the land will be seized and turned over to be farmed by the Socialist masses, to theoretically feed one another.
Its Utopia.
And then farming will stop.
MM
And the land will be seized and turned over to be farmed by the Socialist masses, to theoretically feed one another.
Its Utopia.
They can try.
And that is what paddler and suck ass and cowboy Tim voted for, the downfall of decent folks and America.
Making America Grate
It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.
It's the chinese --- it's the Chinese
Biden’s tax plan includes not only a removal of the step up in basis but an immediate tax due on unrealized capital gains assessed on the transfer. So, whether you sell the farm or not, you’ll owe the tax on the increase in value from the day it was purchased to the day you inherit. So, of course, the only way for most people to pay it will be to sell.
Obviously, the little guy will take it up the ass. Corporations, the ultra rich, and of course Chinese investors will soon own all the land.
I'm not following this and I am not especially knowledgeable about taxes but doesn't this mean that a person inheriting a farm (or other real estate) would pay capital gains on it based on their income? So an individual who inherits that makes between $40k and $450k per year or a married couple making between $80k and $500k per year would owe 15% on the value of the real estate. If you make less, there is no tax. If you make more, the tax is 20%. So, for example, most people inheriting a $500k property would owe $75k in taxes. That sucks but wouldn't necessarily mean that they would sell. If I was in that spot and I didn't have the money to pay the tax, I would just take a line of credit against the property and pay it back over a few years. I don't like this plan (although I am not going to inherit any wealth or property), I don't think it is as black and white as you are saying. Keep it or sell it, you still end up paying the tax so it makes just as much financial sense to keep the land.
Why doesn't Paddler, SuckAssCharlie, or ISRO ever post on topics like this?
At least ^^^^Steelhead ^^^^ is on our side . I don’t care what ya say about him.
Biden’s tax plan includes not only a removal of the step up in basis but an immediate tax due on unrealized capital gains assessed on the transfer. So, whether you sell the farm or not, you’ll owe the tax on the increase in value from the day it was purchased to the day you inherit. So, of course, the only way for most people to pay it will be to sell.
Obviously, the little guy will take it up the ass. Corporations, the ultra rich, and of course Chinese investors will soon own all the land.
I'm not following this and I am not especially knowledgeable about taxes but doesn't this mean that a person inheriting a farm (or other real estate) would pay capital gains on it based on their income? So an individual who inherits that makes between $40k and $450k per year or a married couple making between $80k and $500k per year would owe 15% on the value of the real estate. If you make less, there is no tax. If you make more, the tax is 20%. So, for example, most people inheriting a $500k property would owe $75k in taxes. That sucks but wouldn't necessarily mean that they would sell. If I was in that spot and I didn't have the money to pay the tax, I would just take a line of credit against the property and pay it back over a few years. I don't like this plan (although I am not going to inherit any wealth or property), I don't think it is as black and white as you are saying. Keep it or sell it, you still end up paying the tax so it makes just as much financial sense to keep the land.
My understanding is.
The way it is now if I die my kids inherit my place at present value. New plan if I bought it 30 years ago at 10,000 and its worth 500,000 they pay tax on 490,000.
I wonder how a family trust plays into this scheme of those thieving mf ers
The problem is that very few people in the country own more than a house lot, if that. There will be little to no opposition to Gates et al seizing and controlling the land. There have been U.S. government farm policies for decades with the aim of urbanizing the population. It has worked. If a government wants to control people they have to be corralled. That was our policy in Vietnam and why we used Agent Orange to destroy crops and soldiers to "pacify" villages. We had to get those gooks into town.
Farms aren't the target, folks. In reality, about half the houses in metro cities are worth as much or more than the average farm. Loss of the stepped up basis will effect every one of them, and the net income from just that little change...... would blow your mind. In the case of housing, the solution is easy, sell instead of passing to your heirs (capital gains exemption on personal homes). Most people, however, are piss poor tax planners, or think they won't die, so if this goes through, it will impact quite a few people.
As far as farms and business, it will keep the tax and estate attorneys busy, and the diligent will implement the work arounds, but those who fail to plan will be skewered.
What about Trusts, Dutch?
Your opinion?
Way above my pay grade, but it's hard to plan a tax strategy before the legislation is even written? There's lots of tools, trusts, UTMA's, whatnot, and it may behoove one to pay for a couple of hours of an estate attorney's time to get the process started. They may be quite busy, soon.
My understanding is.
The way it is now if I die my kids inherit my place at present value. New plan if I bought it 30 years ago at 10,000 and its worth 500,000 they pay tax on 490,000.
Right now, if you inherit property under the Federal inheritance Tax limit (which was just raised, and is way higher than I need to worry about), the kids receive the property free and clear AND they receive a "stepped up basis", meaning THEIR basis for future capital gains taxes is reset to the value of the property at the time of inheritance.
It's a very favorable tax treatment for inheritances, and many people fugg it up by deeding property to their children before they die, in effect screwing their kids and setting them up to have to pay tens of thousands in capital gains taxes to avoid a few thousand in state probate taxes.
This might be the place to remind y'all that President Trump nixed the Inheritance Tax. This is just making things "right" for the elites again. Getting back on schedule.
You tube on tax on unrealized gains:
https://youtu.be/0zmpWtAF-Lc
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
All this shows the tremendous leverage that control of the food supplies gives you. What if, instead of marching on the capitol, the food supplies into the capitol had been withheld while Congress was trapped in their offices? It is frequently said that to control the government, you have to starve the beast; meaning, reduce the tax revenues going in. (BTW, that doesn't seem to matter does it? They just print whatever money they need to.) But what if the government were literally starving? Even better, cut off the water supply too. I think that would get their attention. In fact, a nationwide strike by the production and transportation workers of this country would open a lot of eyes to the fact that this country won't run on Facebook posts or Google searches.
I know, I know...everybody is in debt and can't afford to go on strike, etc., etc. But something like this is what it's going to take to stop the Left, especially if elections have ceased to be our remedy. Or we can wait until Bill Gates owns the farm and then tell him if he wants a crop this year, to go hire Mike Bloomberg to tend the land.
Wonder if this would apply to all our just WHITE owned property 🤔
Who am I kidding, of course the minority owned property will get special protection!
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
Capital gains isn't going to stay at 15-20% (see link below). Most working farms/ranches are worth way more than $500K and don't generate much cash flow.
https://protect-eu.mimecast.com/s/ZJRuC27DiRqVJzECnx_5v?domain=app.greenrope.com
I don't know the solution. But please read, Enemies Foreign and Domestic, by Matthew Bracken.
This might be the place to remind y'all that President Trump nixed the Inheritance Tax. This is just making things "right" for the elites again. Getting back on schedule.
Come again?
The current stepped up basis tax treatment applies not only to real property, but also to other assets subject to capital gains tax, such as company stock. If you bought Amazon at $20 and will it to your kids, THEIR basis for capital gains tax when they sell it is the price at the time of inheritance, avoiding capital gains tax on 90% or more of it's value.
Last I checked, it's the "elite" and not Joe and Suzy with the 7 year car note that own stocks..........
Paying 15% Cap gain taxes is not "a big deal" relatively, when you inherit a couple of million in stocks, but it can present a real cash flow problem with a lot of farms that are already highly leveraged, and have neither the cash nor the credit worthiness to be able to pay 15% on the gain. In many of those cases, the tax may indeed force a sale of the farm, but then, the bank really owned that farm to begin with.
why would a loyal demo want most of the land area of the us owned by the loyal repubs?
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
It’s also in the plan that capital gains are to be taxed as income. At least that’s what Biden said before he was elected.
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
It’s also in the plan that capital gains are to be taxed as income. At least that’s what Biden said before he was elected.
Biden wasn't elected. Trump didn't lose.
This might be the place to remind y'all that President Trump nixed the Inheritance Tax. This is just making things "right" for the elites again. Getting back on schedule.
Come again?
The current stepped up basis tax treatment applies not only to real property, but also to other assets subject to capital gains tax, such as company stock. If you bought Amazon at $20 and will it to your kids, THEIR basis for capital gains tax when they sell it is the price at the time of inheritance, avoiding capital gains tax on 90% or more of it's value.
Last I checked, it's the "elite" and not Joe and Suzy with the 7 year car note that own stocks..........
Been under rock for twenty years? Most people have a 401k or IRA.
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
It’s also in the plan that capital gains are to be taxed as income. At least that’s what Biden said before he was elected.
Biden wasn't elected. Trump didn't lose.
This.
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
Let’s say you inherit 600 acres of prime Iowa farmland. Your dad bought it 40 years ago at $900 an acre. It’s worth about $9k an acre now. You want to farm and make a living doing so, so you have no plans to sell any of it. In fact you really can’t sell any of it because 600 acres is pretty marginal for making a living. Under the rules as they are now, you get a step up in basis and no taxes of any kind if you don’t sell. Under what might happen and is being talked about, you get no step up in basis and owe capital gains tax upon transfer. Your dad got the property for $540k. It is now worth $5.4 million. You owe taxes on $4.86 million. At 15% that is $729,000. At the talked about 39% the Biden administration is possibly proposing $1.53 million. Either sum would force most people to sell at least a portion of the farm which would make it non-viable as a way to make a living. May as well sell it all then.
The problem is that very few people in the country own more than a house lot, if that. There will be little to no opposition to Gates et al seizing and controlling the land. There have been U.S. government farm policies for decades with the aim of urbanizing the population. It has worked. If a government wants to control people they have to be corralled. That was our policy in Vietnam and why we used Agent Orange to destroy crops and soldiers to "pacify" villages. We had to get those gooks into town.
Farms aren't the target, folks. In reality, about half the houses in metro cities are worth as much or more than the average farm. Loss of the stepped up basis will effect every one of them, and the net income from just that little change...... would blow your mind. In the case of housing, the solution is easy, sell instead of passing to your heirs (capital gains exemption on personal homes). Most people, however, are piss poor tax planners, or think they won't die, so if this goes through, it will impact quite a few people.
As far as farms and business, it will keep the tax and estate attorneys busy, and the diligent will implement the work arounds, but those who fail to plan will be skewered.
What about Trusts, Dutch?
Your opinion?
Way above my pay grade, but it's hard to plan a tax strategy before the legislation is even written? There's lots of tools, trusts, UTMA's, whatnot, and it may behoove one to pay for a couple of hours of an estate attorney's time to get the process started. They may be quite busy, soon.
Agreed.
I have seen major inheritance taxes avoided in two estate cases by the judicious use of LLCs.
I guess we’ll just have to wait and see the mechanics of what all is in the proposal.
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
It’s also in the plan that capital gains are to be taxed as income. At least that’s what Biden said before he was elected.
Biden wasn't elected. Trump didn't lose.
This.
All that scchitt is fine but one would be better served dealing with the present and future than looking back at what’s past.
Farms are really vulnerable because they are high dollar items, but most farmers are really middle class and don’t have access to lots of cash to pay taxes and the like.
And don't forget that when things go south, the politicians and heads of bureaus who have passed the laws will be sitting back fat and happy, enjoying life, and laughing heartily at all the worker peasants suffering.
And also, don't forget that Stalin and Mao starved millions and millions of their own people to death.
L.W.
A goodly portion of the AG community help put Biden in the Oval, they may just reap what they sowed...
First the Union "working people" now the farmers. Say it ain't so Joe, say it ain't so.
A goodly portion of the AG community help put Biden in the Oval, they may just reap what they sowed...
First the Union "working people" now the farmers. Say it ain't so Joe, say it ain't so.
Since I've spent 30 + yrs working for farmers especially in SE Nebraska and SW Iowa the trend hasn't been so much toward the left as there are many Repubs across both states..The ones I know well most likely won't change parties but will vote to protect their family's livelihood which Trump tariffs put in jeopardy..
This might be the place to remind y'all that President Trump nixed the Inheritance Tax. This is just making things "right" for the elites again. Getting back on schedule.
Come again?
The current stepped up basis tax treatment applies not only to real property, but also to other assets subject to capital gains tax, such as company stock. If you bought Amazon at $20 and will it to your kids, THEIR basis for capital gains tax when they sell it is the price at the time of inheritance, avoiding capital gains tax on 90% or more of it's value.
Last I checked, it's the "elite" and not Joe and Suzy with the 7 year car note that own stocks..........
Been under rock for twenty years? Most people have a 401k or IRA.
Come again?
Care to explain how capital gains and stepped up basis treatment applies to 401 (K), 403 (B) and IRA held assets?
Answer: they don't, AND all withdrawals are taxed as INCOME, not as capital gains. So your precious 401 (K) tax treatment can cause an increase in tax obligation by converting capital gains income from the cap. gains rate to the income tax rate, resulting in an increased tax rate as high as 25% of withdrawals. But, it's your money.....
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
Let’s say you inherit 600 acres of prime Iowa farmland. Your dad bought it 40 years ago at $900 an acre. It’s worth about $9k an acre now. You want to farm and make a living doing so, so you have no plans to sell any of it. In fact you really can’t sell any of it because 600 acres is pretty marginal for making a living. Under the rules as they are now, you get a step up in basis and no taxes of any kind if you don’t sell. Under what might happen and is being talked about, you get no step up in basis and owe capital gains tax upon transfer. Your dad got the property for $540k. It is now worth $5.4 million. You owe taxes on $4.86 million. At 15% that is $729,000. At the talked about 39% the Biden administration is possibly proposing $1.53 million. Either sum would force most people to sell at least a portion of the farm which would make it non-viable as a way to make a living. May as well sell it all then.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
I won't go into the details because they're very complex. Here's a summary.
At present a married couple can exclude $23.5MM from gift and inheritance taxes due to very favorable laws passed by Republican congresses in recent years, before Trump. BUT the most favorable law expires in 2026.
Biden has proposed (openly, for about a year) drastically reducing this.
So you don't have $23.5MM?
Biden has also proposed changing the law, in part as the OP noted, to greatly increase the taxes on the lower amount remaining of the exclusion.
The result is the .gov will get a lot more of your money and your kids won't get it. We're talking about them taking stuff you already own, not stuff you earn. And they want to take the new inheritance taxes each year, even before you die.
This is in addition to any income tax increase, which the Dems have also proposed. Where do you think they can get the money for the $1.9 trillion "Covid bill?" They're borrowing it and will need to pay back the "loan."
So what can you do about it?
If you have any appreciable amount of assets, go see your lawyer. Ask him about trusts in general and a SLAT in particular. Don't wait. Estate lawyers were very busy in the last half of 2020 setting up trusts to shield assets in case the Bolsheviks won.
Just do it.
why would a loyal demo want most of the land area of the us owned by the loyal repubs?
Redistribution of wealth. There will be special concessions on taxes and financing for the women and minorities farming start-ups. The women and minorities will be allowed/required to lease land from Massa' Gates and his ilk, "cuz he gwine treat y'all jist fine'!
At least that was the plan in South Africa after Apartheid...and look how well that has turned out.
This might be the place to remind y'all that President Trump nixed the Inheritance Tax. This is just making things "right" for the elites again. Getting back on schedule.
Come again?
The current stepped up basis tax treatment applies not only to real property, but also to other assets subject to capital gains tax, such as company stock. If you bought Amazon at $20 and will it to your kids, THEIR basis for capital gains tax when they sell it is the price at the time of inheritance, avoiding capital gains tax on 90% or more of it's value.
Last I checked, it's the "elite" and not Joe and Suzy with the 7 year car note that own stocks..........
Been under rock for twenty years? Most people have a 401k or IRA.
Come again?
Care to explain how capital gains and stepped up basis treatment applies to 401 (K), 403 (B) and IRA held assets?
Answer: they don't, AND all withdrawals are taxed as INCOME, not as capital gains. So your precious 401 (K) tax treatment can cause an increase in tax obligation by converting capital gains income from the cap. gains rate to the income tax rate, resulting in an increased tax rate as high as 25% of withdrawals. But, it's your money.....
True, but plenty of people own stocks and that was the point. And besides IRAs plenty of people are in mutual funds and regular stocks and more so every single day. Why? Because the stock market is the only place one can get a return.
family trust business going to go thru the roof
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
Let’s say you inherit 600 acres of prime Iowa farmland. Your dad bought it 40 years ago at $900 an acre. It’s worth about $9k an acre now. You want to farm and make a living doing so, so you have no plans to sell any of it. In fact you really can’t sell any of it because 600 acres is pretty marginal for making a living. Under the rules as they are now, you get a step up in basis and no taxes of any kind if you don’t sell. Under what might happen and is being talked about, you get no step up in basis and owe capital gains tax upon transfer. Your dad got the property for $540k. It is now worth $5.4 million. You owe taxes on $4.86 million. At 15% that is $729,000. At the talked about 39% the Biden administration is possibly proposing $1.53 million. Either sum would force most people to sell at least a portion of the farm which would make it non-viable as a way to make a living. May as well sell it all then.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
Not really. Why? Because it IS a return and it is less risky than the market. Can’t stick money in the bank and get a return in the last thirty years. The market is always risky.
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
Let’s say you inherit 600 acres of prime Iowa farmland. Your dad bought it 40 years ago at $900 an acre. It’s worth about $9k an acre now. You want to farm and make a living doing so, so you have no plans to sell any of it. In fact you really can’t sell any of it because 600 acres is pretty marginal for making a living. Under the rules as they are now, you get a step up in basis and no taxes of any kind if you don’t sell. Under what might happen and is being talked about, you get no step up in basis and owe capital gains tax upon transfer. Your dad got the property for $540k. It is now worth $5.4 million. You owe taxes on $4.86 million. At 15% that is $729,000. At the talked about 39% the Biden administration is possibly proposing $1.53 million. Either sum would force most people to sell at least a portion of the farm which would make it non-viable as a way to make a living. May as well sell it all then.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
The problem with this is that the cost of land is going up faster than that and they ain't making any more land. Already have to be filthy rich to buy land in a lot of areas now. Soon only the super rich will be able to buy land.
I just read up a little on it and have a few questions because I am not very familiar with how US tax calculation works in practice.
So I the Internet told me that this tax is due when the investment is sold, how would this affect someone who now owns a farming business and would not want to sell it? Would he need to pay anything?
Also read that incomes under $1 Million will still pay the same capital gains tax as before. But, when talking about farms, is this income the profit or just the proceeds without production costs?
No, I know. Super rich can buy land to play on or as a source of income. And like I said in an earlier post, it IS a return. There just aren’t many places anyone can get a nice steady and relatively safe return. A rich guy or a corporation that has $50 million sitting around not doing anything can take than money and put it to work. The return is not huge, but there is one and it’s safer than lots of other things. That of course, drives up the prices and prices the little man out of the market.
Apartment buildings are hot hot hot right now for the same reason.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
It's going to be less than $5.4 million after taxes. But, what you're saying is what is happening in some places, especially where towns are expanding out to swallow up farms for housing. Even then, a lot of farmers run the money through 1031 exchanges and buy more farm land farther out in order to avoid the tax bite.
If you buy a stock, do you expect the dividends to pay for it? No. Part of the calculation is the expected appreciation of the stock price. Same with land, be it farm, timberland, or your house and lot. Also, land is somewhat like gold, a store of value. In JoeBob's example, the land went from $900 to $9,000 in 40 years. That's about a 6% return without taking into account the annual income from the farm.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
It's going to be less than $5.4 million after taxes. But, what you're saying is what is happening in some places, especially where towns are expanding out to swallow up farms for housing. Even then, a lot of farmers run the money through 1031 exchanges and buy more farm land farther out in order to avoid the tax bite.
If you buy a stock, do you expect the dividends to pay for it? No. Part of the calculation is the expected appreciation of the stock price. Same with land, be it farm, timberland, or your house and lot. Also, land is somewhat like gold, a store of value. In JoeBob's example, the land went from $900 to $9,000 in 40 years. That's about a 6% return without taking into account the annual income from the farm.
Annual income from the farm is quite an assumption. There’s also the distinct possibility of annual losses,
My understanding is.
The way it is now if I die my kids inherit my place at present value. New plan if I bought it 30 years ago at 10,000 and its worth 500,000 they pay tax on 490,000.
Right now, if you inherit property under the Federal inheritance Tax limit (which was just raised, and is way higher than I need to worry about), the kids receive the property free and clear AND they receive a "stepped up basis", meaning THEIR basis for future capital gains taxes is reset to the value of the property at the time of inheritance.
It's a very favorable tax treatment for inheritances, and many people fugg it up by deeding property to their children before they die, in effect screwing their kids and setting them up to have to pay tens of thousands in capital gains taxes to avoid a few thousand in state probate taxes.
Its a gamble, in Ga, if you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
My understanding is.
The way it is now if I die my kids inherit my place at present value. New plan if I bought it 30 years ago at 10,000 and its worth 500,000 they pay tax on 490,000.
Right now, if you inherit property under the Federal inheritance Tax limit (which was just raised, and is way higher than I need to worry about), the kids receive the property free and clear AND they receive a "stepped up basis", meaning THEIR basis for future capital gains taxes is reset to the value of the property at the time of inheritance.
It's a very favorable tax treatment for inheritances, and many people fugg it up by deeding property to their children before they die, in effect screwing their kids and setting them up to have to pay tens of thousands in capital gains taxes to avoid a few thousand in state probate taxes.
Its a gamble, in Ga, if you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
Trusts ?
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
It's going to be less than $5.4 million after taxes. But, what you're saying is what is happening in some places, especially where towns are expanding out to swallow up farms for housing. Even then, a lot of farmers run the money through 1031 exchanges and buy more farm land farther out in order to avoid the tax bite.
If you buy a stock, do you expect the dividends to pay for it? No. Part of the calculation is the expected appreciation of the stock price. Same with land, be it farm, timberland, or your house and lot. Also, land is somewhat like gold, a store of value. In JoeBob's example, the land went from $900 to $9,000 in 40 years. That's about a 6% return without taking into account the annual income from the farm.
Annual income from the farm is quite an assumption. There’s also the distinct possibility of annual losses,
Boy that is a fact! With unstable fuel prices and a broken crystal ball how are you going to make a budget. My Uncle who eventually became wealthy farming dryland wheat felt breaking even was a hell of a task.
Right. So they don't get the step up in basis without actually paying the tax. Still, having to pay capital gains is likely only 15%. It sucks (and I don't agree with it for a variety of reasons) but I don't think it will force many people to sell that would otherwise hold onto the land.
Capital gains isn't going to stay at 15-20% (see link below). Most working farms/ranches are worth way more than $500K and don't generate much cash flow.
https://protect-eu.mimecast.com/s/ZJRuC27DiRqVJzECnx_5v?domain=app.greenrope.comIt's been a while since I looked at Biden's tax plan but one of his points was drastically raising the capital gains up to the 40 % neighborhood, he also had a provision in there that I took to really limit business deductions for sole proprietorships/S corps where only a fraction of the actual business expenses would be deductibe (something like 25% of the real expense) that's going to hurt a lot of farmers and other small businesses.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
It's going to be less than $5.4 million after taxes. But, what you're saying is what is happening in some places, especially where towns are expanding out to swallow up farms for housing. Even then, a lot of farmers run the money through 1031 exchanges and buy more farm land farther out in order to avoid the tax bite.
If you buy a stock, do you expect the dividends to pay for it? No. Part of the calculation is the expected appreciation of the stock price. Same with land, be it farm, timberland, or your house and lot. Also, land is somewhat like gold, a store of value. In JoeBob's example, the land went from $900 to $9,000 in 40 years. That's about a 6% return without taking into account the annual income from the farm.
Annual income from the farm is quite an assumption. There’s also the distinct possibility of annual losses,
The farm entity might not show a profit, but the farmer draws a salary and that salary is part of the farm's operating expense. As a purchaser of farm land, around here you can get anywhere from $80 to $100 per acre, sometimes more, per acre per year in cash rent, payable at the beginning of the year. So $90 an acre cash rent on $3,000 per acre land is a 3% return annually.
A member here posted this on the Hunter’s Campfire forum over 8 years ago...
Anything that happens to you can end in only two ways: It will kill you, in which case all your problems are over. Or, it will not kill you, in which case it wasn't really a problem. The lesson is that there is no such thing as a problem.
That applies to whoever gets elected, what laws that get passed, the taxes they say you owe, the killer asteroid headed our way, what the dog with the lifted leg does to your pants, or whatever.
You will live through all of those - or you won't. Not a problem.
why would a loyal demo want most of the land area of the us owned by the loyal repubs?
Redistribution of wealth. There will be special concessions on taxes and financing for the women and minorities farming start-ups. The women and minorities will be allowed/required to lease land from Massa' Gates and his ilk, "cuz he gwine treat y'all jist fine'!
At least that was the plan in South Africa after Apartheid...and look how well that has turned out.
in a large sense, this is true. it's wealth that belongs to the opposition. so why not pass laws that enable one to better take it?
the demo's live in the big cities, the repubs live in the rural areas of the nation.
so, where's the "equity" in all of that?
Not really. Why? Because it IS a return and it is less risky than the market. Can’t stick money in the bank and get a return in the last thirty years. The market is always risky.
Since we are talking about generational wealth here, there is simply no risk in investing in the stock market. Nobody has ever lost money with a well diversified stock portfolio over a period of decades. Short term, sure. Over a period of one or more generations? The risk vanishes and returns approach the average.
Moreover, as 2008 has shown us, there is most certainly short term risks in real estate as well.
There is no flies on real estate as an investment, but over long periods of time, it is no less risky than stocks, and has some strong negative aspects, including poor liquidity, difficulty diversifying, and transaction costs.
Antlers you better subtract land taxes and insurance from your figure and also loss of any other interest you might have gotte. Edk
And then farming will stop.
MM
No, it won’t. The owners will be in China or Silicon Valley and farmers will all be hired hands.
Sort of a return to serfdom ....
And then farming will stop.
MM
No, it won’t. The owners will be in China or Silicon Valley and farmers will all be hired hands.
Sort of a return to serfdom ....
Shades of F.A. Hayek, The Road to Serfdom.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
It's going to be less than $5.4 million after taxes. But, what you're saying is what is happening in some places, especially where towns are expanding out to swallow up farms for housing. Even then, a lot of farmers run the money through 1031 exchanges and buy more farm land farther out in order to avoid the tax bite.
If you buy a stock, do you expect the dividends to pay for it? No. Part of the calculation is the expected appreciation of the stock price. Same with land, be it farm, timberland, or your house and lot. Also, land is somewhat like gold, a store of value. In JoeBob's example, the land went from $900 to $9,000 in 40 years. That's about a 6% return without taking into account the annual income from the farm.
Annual income from the farm is quite an assumption. There’s also the distinct possibility of annual losses,
The farm entity might not show a profit, but the farmer draws a salary and that salary is part of the farm's operating expense. As a purchaser of farm land, around here you can get anywhere from $80 to $100 per acre, sometimes more, per acre per year in cash rent, payable at the beginning of the year. So $90 an acre cash rent on $3,000 per acre land is a 3% return annually.
Sounds like all farmers have it made.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
It's going to be less than $5.4 million after taxes. But, what you're saying is what is happening in some places, especially where towns are expanding out to swallow up farms for housing. Even then, a lot of farmers run the money through 1031 exchanges and buy more farm land farther out in order to avoid the tax bite.
If you buy a stock, do you expect the dividends to pay for it? No. Part of the calculation is the expected appreciation of the stock price. Same with land, be it farm, timberland, or your house and lot. Also, land is somewhat like gold, a store of value. In JoeBob's example, the land went from $900 to $9,000 in 40 years. That's about a 6% return without taking into account the annual income from the farm.
Annual income from the farm is quite an assumption. There’s also the distinct possibility of annual losses,
The farm entity might not show a profit, but the farmer draws a salary and that salary is part of the farm's operating expense. As a purchaser of farm land, around here you can get anywhere from $80 to $100 per acre, sometimes more, per acre per year in cash rent, payable at the beginning of the year. So $90 an acre cash rent on $3,000 per acre land is a 3% return annually.
Might want to pass this on to Jim Conrad up in his like Walmart thread.
This is absolutely true, but it clearly shows how horrible farming is as a use of capital. Were someone to sell and invest that $5.4 million at the average rate for the last 100 years (which is over 11%), it would create an income of more than $500,000 per year. Few, if any, farms realize that net, or come even close to half that, meaning the farmers, in effect, are paying $300,000 or more per year for the privilege to farm.
I know, I know, that's an over simplification, ignoring value gains of the farms among others, but it's still too close to the truth to be comfortable.
It's going to be less than $5.4 million after taxes. But, what you're saying is what is happening in some places, especially where towns are expanding out to swallow up farms for housing. Even then, a lot of farmers run the money through 1031 exchanges and buy more farm land farther out in order to avoid the tax bite.
If you buy a stock, do you expect the dividends to pay for it? No. Part of the calculation is the expected appreciation of the stock price. Same with land, be it farm, timberland, or your house and lot. Also, land is somewhat like gold, a store of value. In JoeBob's example, the land went from $900 to $9,000 in 40 years. That's about a 6% return without taking into account the annual income from the farm.
Annual income from the farm is quite an assumption. There’s also the distinct possibility of annual losses,
You barely have a pot to piss in so youll be fine.
Rain on the scare crow blood on the plow!
Transfer and "equalization" of wealth.
there won't be an equalization, just the opposite
A goodly portion of the AG community help put Biden in the Oval, they may just reap what they sowed...
First the Union "working people" now the farmers. Say it ain't so Joe, say it ain't so.
Since I've spent 30 + yrs working for farmers especially in SE Nebraska and SW Iowa the trend hasn't been so much toward the left as there are many Repubs across both states..The ones I know well most likely won't change parties but will vote to protect their family's livelihood which Trump tariffs put in jeopardy..
Sorry FlyboyFlem, I don't think you are seeing the big picture and I have to disagree with you. I know the farmers do not like the tariffs and embargoes because it hits their bottom line. But, the biggest problem is China and every farmer I know does not like the interference that China has become. China is buying land and driving up ground prices. China is also importing huge amounts of goods formerly made in America and pushing America in to a Service industry country instead of a Manufacturing country.
Like many Americans, farmers are afraid of and greatly dislike big government. If things don't change, it is a matter of time before China will be dictating to the American government what policies are acceptable and what they will stand for in competition for commodities and manufactured goods. Only the really big and super rich mega farming organizations who can buy government influence approve of a big powerful government. But I think all are fearful of a big and powerful China. At least the ones I know are.
Yes, the tariffs stink and so do embargoes. If the Chinese were buying American pork and not eating wild bats would we have been hit with Covid 19 ?? Or is this retaliation for Donald Trump standing up to them. 9 out of 10 farmers I know voted for Donald Trump and less government even with the tariffs and embargoes in place because they can see ahead as well as we can and they don't like what they see either.
kwg
Don't know Barry, still it's foolish to react too soon.
That's what our lawyer said today.
Frankly I see lots of civil disobedience coming.
![[Linked Image from i.imgur.com]](https://i.imgur.com/Kr6RxN4.png)
Transfer and "equalization" of wealth.
there won't be an equalization, just the opposite
Boy....thats right.
Don't know Barry, still it's foolish to react too soon.
That's what our lawyer said today.
You can’t react yet. You don’t know for sure what they are going to do. We know what they are thinking about doing, but as we’ve seen, things happen.
A goodly portion of the AG community help put Biden in the Oval, they may just reap what they sowed...
First the Union "working people" now the farmers. Say it ain't so Joe, say it ain't so.
Since I've spent 30 + yrs working for farmers especially in SE Nebraska and SW Iowa the trend hasn't been so much toward the left as there are many Repubs across both states..The ones I know well most likely won't change parties but will vote to protect their family's livelihood which Trump tariffs put in jeopardy..
Sorry FlyboyFlem, I don't think you are seeing the big picture and I have to disagree with you. I know the farmers do not like the tariffs and embargoes because it hits their bottom line. But, the biggest problem is China and every farmer I know does not like the interference that China has become. China is buying land and driving up ground prices. China is also importing huge amounts of goods formerly made in America and pushing America in to a Service industry country instead of a Manufacturing country.
Like many Americans, farmers are afraid of and greatly dislike big government. If things don't change, it is a matter of time before China will be dictating to the American government what policies are acceptable and what they will stand for in competition for commodities and manufactured goods. Only the really big and super rich mega farming organizations who can buy government influence approve of a big powerful government. But I think all are fearful of a big and powerful China. At least the ones I know are.
Yes, the tariffs stink and so do embargoes. If the Chinese were buying American pork and not eating wild bats would we have been hit with Covid 19 ?? Or is this retaliation for Donald Trump standing up to them. 9 out of 10 farmers I know voted for Donald Trump and less government even with the tariffs and embargoes in place because they can see ahead as well as we can and they don't like what they see either.
kwg
I certainly get the big picture however since you're in the Des Moines area you are aware that we've had two so-called hundred year floods that devastated not only the entire state of Ne but areas of Iowa along the Missouri R from Sioux city to the Missouri line.
Many land owners lost everything including homes,Ag businesses,,tons of grain in storage and had thousands of acres of valuable farm land ruined for years to come..Some have left the hardest hit areas never to return and others have managed to barely hang on by a thread just recently finally getting a crop in the ground this past year..The tariffs & embargoes while they were in the recovery stage is / was devastating many are still recovering .. Never thought I'd see so many rural Biden/Harris posters in my travels but they were there to my dismay..Ethanol is more salt in their wounds however new farm bills need to address average farm families as well as big corporate entities that can sustain themselves and survive Mother Nature's wrath or national crisis.
I wonder how a family trust plays into this scheme of those thieving mf ers
Or incorporating the family business.
This is forcing my wife to discuss the family farm with her father. Trying to figure out how to maybe move forward so that worthless Democrats don’t use their family farm to buy more votes from other worthless pieces of crap in metropolitan areas
This is their way of giving our white farmers farms to blacks. They said they was going to improve black farmers!
And then farming will stop.
MM
No. It will continue but all will be shipped to China on Chinese ships.
If you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
Medicaid Estate Recovery is federal law throughout the country. Two-thirds of people in nursing homes are funded by Medicaid. If you die and you’ve been a Medicaid recipient (especially of long-term health care), the state government (by federal law) goes after whatever they can get from the estate of the deceased.
If you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
Medicaid Estate Recovery is federal law throughout the country. Two-thirds of people in nursing homes are funded by Medicaid. If you die and you’ve been a Medicaid recipient (especially of long-term health care), the state government (by federal law) goes after whatever they can get from the estate of the deceased.
The look back period was 5 years, prorated unless that’s changed recently.
If you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
Medicaid Estate Recovery is federal law throughout the country. Two-thirds of people in nursing homes are funded by Medicaid. If you die and you’ve been a Medicaid recipient (especially of long-term health care), the state government (by federal law) goes after whatever they can get from the estate of the deceased.
The look back period was 5 years, prorated unless that’s changed recently.
Your fat azz hasn’t looked over your shoulder looking back since 2001.
If you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
Medicaid Estate Recovery is federal law throughout the country. Two-thirds of people in nursing homes are funded by Medicaid. If you die and you’ve been a Medicaid recipient (especially of long-term health care), the state government (by federal law) goes after whatever they can get from the estate of the deceased.
The look back period was 5 years, prorated unless that’s changed recently.
Your fat azz hasn’t looked over your shoulder looking back since 2001.
1999.
Have another drink Flave.
If you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
Medicaid Estate Recovery is federal law throughout the country. Two-thirds of people in nursing homes are funded by Medicaid. If you die and you’ve been a Medicaid recipient (especially of long-term health care), the state government (by federal law) goes after whatever they can get from the estate of the deceased.
The look back period was 5 years, prorated unless that’s changed recently.
Medicaid is looked at by the government as an interest free loan for healthcare that you can’t afford, and if you have assets that’ll help reimburse them for spending money on you via Medicaid, they can go after those assets after you die. And it can leave your heirs without the house they ‘thought’ they were gonna get from you after you died.
Why doesn't Paddler, SuckAssCharlie, or ISRO ever post on topics like this?
Because they did what they intended to do, helped get Trump out .
A few weeks ago (maybe a little longer) a captain in Army intel retired her commission because she said the US gvt was using the same psyops on Americans that it uses on other countries . Including internet trolling and AI. I’ll see if I can find the link
https://freerepublic.com/focus/f-news/3923987/postsIt was on a lot more sites including some msm . But looks cleared up at first glance
If you go into a nursing home, like a lot of older folks do, state can go back as far as 10 years after your property. In Ga, pretty much everyone gets it to their kids as soon as they can to prepare for this in case it happens.
Medicaid Estate Recovery is federal law throughout the country. Two-thirds of people in nursing homes are funded by Medicaid. If you die and you’ve been a Medicaid recipient (especially of long-term health care), the state government (by federal law) goes after whatever they can get from the estate of the deceased.
The look back period was 5 years, prorated unless that’s changed recently.
Medicaid is looked at by the government as an interest free loan for healthcare that you can’t afford, and if you have assets that’ll help reimburse them for spending money on you via Medicaid, they can go after those assets after you die. And it can leave your heirs without the house they ‘thought’ they were gonna get from you after you died.
The look back period concerns transfers of wealth from the patient to other entities and is reviewable for the past 5 years for those who go on Medicaid.
Proper uses of Trusts can help avoid this IF the Trust was established 5 years prior to applying for Medicaid, That’s only one example.
This can vary from state to state.
And then farming will stop.
MM
A bunch of elitist a$$holes need to starve to death.
The look back period concerns transfers of wealth from the patient to other entities and is reviewable for the past 5 years for those who go on Medicaid. Proper uses of Trusts can help avoid this IF the Trust was established 5 years prior to applying for Medicaid, That’s only one example.
If one’s parent lives in their own home, and they have to go into a nursing home long-term for whatever reason...and they were planning on passing their home to their heirs via probate after their death (with or without a will)...the state government can go after that home, and get it. That’s one example too.
The look back period concerns transfers of wealth from the patient to other entities and is reviewable for the past 5 years for those who go on Medicaid. Proper uses of Trusts can help avoid this IF the Trust was established 5 years prior to applying for Medicaid, That’s only one example.
If one’s parent lives in their own home, and they have to go into a nursing home long-term for whatever reason...and they were planning on passing their home to their heirs via probate after their death (with or without a will)...the state government can go after that home, and get it. That’s one example too.
Point taken, Antlers.
It does vary from state to state.
Ethics question. If you have property which is in fact money are you not liable to pay a Bill? Be it for a car or a nursing home. Just wondering how you guys feel about this. Edk
Ethics question. If you have property which is in fact money are you not liable to pay a Bill? Be it for a car or a nursing home. Just wondering how you guys feel about this. Edk
Conversely, how do you feel about folks owning property, a home, vehicles, etc. and claiming Bankruptcy to eliminate debts?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
Do you pay your legally required taxes ?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
When was the last year you filed a tax return?
Rain on the scare crow blood on the plow!
Badass song.
Old Toot. Personally bankruptcy when you have that stuff is not for, me. There are circumstances beyond control at times that make it necessary. I barely survived the first ten years of farming but I never considered bankruptcy. I either made it or not .
Now please answer my question instead of just asking another question. Edk
Old Toot. Personally bankruptcy when you have that stuff is not for, me. There are circumstances beyond control at times that make it necessary. I barely survived the first ten years of farming but I never considered bankruptcy. I either made it or not .
Now please answer my question instead of just asking another question. Edk
Fair enough.
You are responsible.
You are also responsible for planning ahead and effecting those plans.
Okay ?
Yup. Toot it’s responsibility for our debts. Even an old folks home is a responsibility until your broke.
The taxes on the other hand on stuff that were purchased with money that taxes were already paid on is another subject altogether. Something like a farm should not be taxed 3 or 4 times over. Edk
What about farm subsidies...? Many see farm subsidies as welfare for farmers.
Farm subsidies are meant to keep non farmers fat and content for the least amount possible. Gotta keep the workers above bankruptcy. Edk
Yup. Toot it’s responsibility for our debts. Even an old folks home is a responsibility until your broke.
The taxes on the other hand on stuff that were purchased with money that taxes were already paid on is another subject altogether. Something like a farm should not be taxed 3 or 4 times over. Edk
Ed, much of my family are farmers and there ain’t a poor one in the bunch. Myself and 2 cousins ( brothers) were partnered for a number of years and we did well.
Of course the land is in the Delta and double cropping is very doable and with typically high yields. The variations in crop hospitality is fairly wide also.
That’s a little different than up here with 40 below and 14 inches of moisture a year. I ended up alright also because I was a tight sob. Edk
That’s a little different than up here with 40 below and 14 inches of moisture a year. I ended up alright also because I was a tight sob. Edk
I’d guess that you’re spiking in your seeds pretty deep up that way.
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
When was the last year you filed a tax return?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
Do you pay your legally required taxes ?
?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
When was the last year you filed a tax return?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
Do you pay your legally required taxes ?
?
We never did get an answer from him, did we ?
Nor will he if I had to bet.
He reminds me very much of the character played by Stacy Keach in American History X.
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
When was the last year you filed a tax return?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
Do you pay your legally required taxes ?
?
We never did get an answer from him, did we ?
Nor will he if I had to bet.
He reminds me very much of the character played by Stacy Keach in American History X.
He would be a fool to answer.... let sleeping dogs lay...... you guys are barking up the wrong tree...
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
When was the last year you filed a tax return?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
Do you pay your legally required taxes ?
?
We never did get an answer from him, did we ?
Nor will he if I had to bet.
He reminds me very much of the character played by Stacy Keach in American History X.
He would be a fool to answer.... let sleeping dogs lay...... you guys are barking up the wrong tree...
Lectures sometimes have question and answer sections. Just looking for simple answers to simple questions.
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
When was the last year you filed a tax return?
Tax plan?
Well if cowards just do as they are ordered to do, and keep paying for their own destruction they deserve to loose it all.
The power is 100% in the hands of the people and their tax monies and if they simply say "I can't resist" they get to be right.
But if they are right they should accept it and just shut up about it. It's THEIR CHOISE, not actually the communist's choice.
Do you pay your legally required taxes ?
?
We never did get an answer from him, did we ?
Nor will he if I had to bet.
He reminds me very much of the character played by Stacy Keach in American History X.
He would be a fool to answer.... let sleeping dogs lay...... you guys are barking up the wrong tree...
I disagree brother Fubar.
Call me a coward for paying my taxes, then be willing to step up and say you don't. Or eat a dick.
The tree he shimmied up is pretty skinny. Not much barking so much as sitting back and watching it bend........
Hey Toot. The guys raising corn and sunflowers up here sometimes get to combine at 20 below zero. Fun and games man. Different world than you live in. You should actually expand your horizons a little and see what other people have to put up with. Edk
Hey Toot. The guys raising corn and sunflowers up here sometimes get to combine at 20 below zero. Fun and games man. Different world than you live in. You should actually expand your horizons a little and see what other people have to put up with. Edk
Heh!
Well, Brother Ed, after working in 29 different counties I have a fairly broad horizon to refer to and reflect back on.
About the only inclement weather farming done down our way is during the sugarcane harvesting time. Doesn’t matter what the weather does, the cane will get cut and brought to the mill and done so most often around the clock, 24/7 until it’s done.
You folks up that way contend with some harsh stuff for sure.
I think that the barley farmers in Alaska’s Matanuska Valley probably have it far much easier than you guys do.
The Matanuska area is generally warmer than us in the winter. Fairbanks can get damn cold but with no wind. The wind is a bitch when it’s cold here but the show must go on. The only other country I’ve been in is Canada and that’s all I care to see. Edk
The Matanuska area is generally warmer than us in the winter. Fairbanks can get damn cold but with no wind. The wind is a bitch when it’s cold here but the show must go on. The only other country I’ve been in is Canada and that’s all I care to see. Edk
I can’t say that you’ve missed a whole lot, Ed.