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Glasgow, Ky | Agree. Equipment is the Achilles heel for many farmers. If you can pay cash for it, not so bad. If you finance it the big payments are hard on cashflow, especially if you 179 it and are getting no tax benefits after the first year.
Additionally, new and bigger equipment sometimes requires more land to make things cashflow, especially if crop prices drop.
Another issue is pride. What will other farmers and landlords think if I start downgrading equipment. Got to keep the image up. | |
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Where do farmers see cost cutting in their operations
