RE:RE:RE:Capital gains increased taxes WILL hit farmers HARD,,,,,,,,,Moemoney42 wrote: Ya Packer it all sounds good on paper doesn't it... just like "budgets that balance themselves" right..?
You fail to realise in that 40 years farmer Joe was probably on the bring of bankruptcy 10 times, scraping by with the help of his banker.
Many did go bankrupt, or if their banker would no longer float them a loan to put the crop in, they had no choice but to sell the farm and look for employment.
Do you realize farming has one of the highest suicide rates of any employment, do you think that's because its all sunshine and rainbows..???
Do you realize not all farmers currently are somewhat new farmers, because the farmers of 1974 aren't around anymore.. so they won't be capitalizing on that new cap ex exclusion anyway.. its the farmer that bought that 1.75 sections of land in 2013 $4.175 million and had to add another section to it to have the size large enough to make the numbers work and hope the hell the hail storm stays away, or drought, or crop disease, or insect infestation doesn't show up.. and some years its all the above..
Ya farming... its EASY on paper.. LMAO..!
Hey, I can only comment on the "paper" I was handed....
After 40 years the guy retired with 3.5 Million in the bank.
What are you suggesting??? That farming is so hard farmers should not pay tax?
What about fishermen??? That's hard....huge capital investment, short fishing season. No tax?
The farmer on the "paper" paid 15% of his capital gain in federal tax. 15% is what somebody who makes 55k a year, getting up and going to work every day, pays. (first tax bracket 0 to 55,867)
I will absollutely guarantee you that he doesn't retire with 3.5M in the bank!