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| This comes up way too often about farmers being wealthy and LL’s are getting paid to little as a result; or something to this extent. This is complete BS.
Most farmers are wealthy thanks to their ancestors and excellent inheritance laws thanks to people like the Farmer’s rights groups who lobby in DC.
If your grandpa bought an 80 in 1919 for $15,000 and it’s been passed down to you with very little tax implications ... and in comparison if your grandpa woulda put $15,000 in an investment instead that returned him 5% each year compounded annually with no taxes.... that $15,000 would now be worth $1,972,528.
Thanks gramps!
Bottom line is the majority of wealthy farmers came from OLD money.
Oh and btw, believe it or not some farmers are way more smarter and profitable on a per acre basis. Just as some pro athletes are much better than others and therefore make way more $. People underestimate the ability for big farmers to get big in this way (brains and better yields than everyone else). Good farmers are constantly trying to stay ahead of the evolution curve. | |
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Illinois Indiana Ohio… Game over
