LOL. I like that one.

Truth hurts!

And all they want is more!

x2

X3

LMAO! Fantastic!!!

"Who did I leave out?"

You forgot all the corporations and farmers that have their hands out for subsidies and tax rebates.

I saw on tv the other night a "poor" farmer being interviewed in what looked like a heated machine shed with what looked like 2 new tracked CaseIH tractors and a tracked combine. Those 3 pieces of equipment are probably worth more than a million dollars.

So sad, but very true!!!!! LMAO

That's is soooooooo true it hurts to read it!

Farm subsidies are not as common as the general public tends to believe. I am one farmer who wishes most of them would go away. Why? Because there are very few that go to small farms that really could use them and they are a pr nightmare.

The reality of that expensive equipment is that is is practically required to be able to run efficiently enough to make any money. Farmers put most of their money back into the farm which gives the appearance of lots of money, they are often cash poor and when the day comes that they retire or go out of business they often are on a very tight budget hoping that the sale of the farm assets will cover the debt.

Yep. I have a couple of aunts that are "millionaires" but only of they sell their land. Until that happens, if it ever does, they live on land rentals, Social Security, and perhaps some retirement savings. I had 4 uncles and a couple of cousins that were full-time farmers. None of them went broke but none of them got "big" either and all lived modest middle-class lifestyles.

Sorry Dana 1 but I can't feel sorry for the majority of farmers or corporations. Around here I see farmers every year purchase equipment just to avoid having to pay income tax and over time acquire land. At the end of their working careers they have paid little or no income taxes and have amassed fortunes in land and and equipment.

Remember I said a majority. I also know farmers that use older equipment that have no appreciation left to take on it. These farmers pay income taxes.

Ever hear any stories about farmers that always had new equipment but when they retired they didn't collect much Social Security while their neighbor struggled with old equipment had a nice Social Security check. I have, happened to friend of mine. He drove a new car and traded pickups often. Same with his farm machinery. For the last 30 years didn't show much income on his tax returns but accumulated 160 acres that got paid for which is worth way more than $1,000,000 plus his machinery.

I on the other hand had a job that ever payday the taxes were taken out before I received the check. I was never able to take any deductions on my Federal tax returns. The only way I was able to accumulate any assets was to take advantage of a company 401 and to save a few dollars on my own.

As far as corporations go, our states and local governments allow companies to locate in their states, counties, and towns and then they give them real estate tax rebates. I don't remember the exact figures but there was a case in our state where the state gave a pile of incentives to a company for a hand full of jobs. If memory serves me it worked out to about $120,000 for every job. Because of our tax laws, companies that make fortunes every year are able avoid paying taxes.

Farming is a business. To run a business you have to have infrastructure, including machinery and buildings. Wanna guess how much debt the farm has? And I don't think you actually understand what subsidies are, though not many people do. If they did away with them, you'd understand in a hurry.

This could seriously be one of the most ridiculous things I've ever read. I guess maybe I was the fool to think most people understood basic economics.

I know enough about subsidies to know that I don't want my hard earned tax dollars going to subsidize some millionaires crop insurance, but then maybe you are one that thinks your tax dollars should go to anyone that has their hand out.

Beeman if it's that simple put your money where your mouth is and buy a farm become a millionaire pay no taxes. You've got it figured out it's so simple!

It's be like me saying I have a way I can win the mega millions with 100% certainty but I won't do it I'll let others do it lol. It's a free country get at er.

Several points of interest come to mind regarding farmers, farm subsidies and how rich they are.
From my 45 years of experience working with farm owners as an educator, employee, tax person and consultant I have gained considerable knowledge on how businesses succeed and fail.
Many farmers are ASSET ACCUMULATORS- that is through the used of debt, promise etc. the gain control of a lot of assets be that land, facilities, equipment livestock whatever. Many however due to poor business planning never gain much NET WORTH. In other words through higher costs per acre, per hog, cow etc. the profit little but move a lot of money around. Many have had longer careers due to generational transfer and inflation.
One needs to be profitable to have liquidity and thus gain net worth. Once net worth is gained then how are those profits spent, invested etc. becomes the next big issue.
The lack of good business management practices is not just in agriculture. Agriculture has longer staying power then most businesses due to the fact that tangible assets are involved in the business.
As to the tax issue by buying new equipment. I have witnessed much of this. Say you get a great deal on trading for a new up to date combine and yours if 4 years old. The new one lists at $600,000 but you can trade for $250,000. Sounds good but if you farm 1,0000 acres of corn and get 200 bushel per acre you added .25 cents per bushel to your cost over the next 5 years. All else being equal $4 corn just became $3.75.

On another note many that trap a lot of farm land come on here and bash farmers routinely. I am a member of the local, state and national Farm Bureau. Each of these organizations publish frequent magazines,all of which I get. Some of the posts here copied and pasted into their journals may cause them to ask some serious questions the next time permissions might be sought.
If one catchs 100 coons on a farm that has 1,000 acres of corn and each coon eats and destroys 3 bushels of corn which is 300 bushels at $375 it is barely a $1,000 dollars or a $ per acre. If they are as rich as many say why would they put up with all that bad mouthing for a $1,000?

Bryce