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Iowa | I probably would benefit from this more than anyone on here. Lots of operations would be in a tougher situation to hand off to the next generation, and being im really 1st generation it’d level the field for me. HOWEVER, how is it moral for a government to tax like this? Lots of people in Iowa nursing homes with ground they paid $250/acre on now worth 18,000. So the surviving heirs have to pay tax (say 20%) on the 17,750 in increased value - so 3500/acre. That’s 15x the original purchase price - roughly 1/2 million on 160 acres.
This is a tax on choices. You buy a farm/house/investment and do well your children get some benefit, but Uncle Sam gets his share. You blow every penny on vacations, goodies, toys - Uncle Sam gets nothing. Why don’t we pass a poor money manager tax - every dollar you wast you put a nickel in the kiddy to pay for society to keep you alive when you’re old. Start with smokes, booze, lotto tickets, new cars, video games, vacation stays. | |
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Elimination of stepped up basis
