Columbia Basin, Ephrata, WA | IN555 - 8/20/2024 09:37
So if that same size and quality field came for sale today for 300k you wouldn’t be giddy as can be to buy it for that price? Sounds like a steal to me. It was someone else’s contribution to society that earned you the other 900k and that isn’t enough for you? Let’s keep in mind as farmers we are subsidized as much or more than any other individuals and we should scream the loudest about giving some of it back? And the baby boomers are calling the other generations entitled?
Maybe I’m getting old and it’s a relic of the past, but plenty of family farms were bought and paid for by families. I don’t know about the rest of you, but when I was a kid we were doing daily chores and weaning pigs every Saturday. When school was cancelled for a winter storm we were out fixing broken pipes. Just because our names weren’t on the check for the mortgage when it was sent to the bank didn’t mean we weren’t part of it.
Granted, that was a relatively short period of time, but the “kids” who really stand to get screwed are the ones who got sold the “someday this will all be yours” bill of goods, who worked alongside dad for 30 years only to find out that upon dad’s death, the taxes are more than they could have bought the land for themselves when they were in their 20’s.
Would you be giddy to pay $300k for a field you’d already paid for?
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Elimination of stepped up basis
