With US beef prices soaring to record highs, you might think that South Dakota cattle rancher Eric Gropper would be celebrating.
Yet while the cost of the meat in US supermarkets is now 12% higher than it was a year ago, a rise more than three times the rate of general inflation, Gropper says that he and all the other beef farmers aren’t making any more profit than usual.
Farmers don’t aim for profit on paper… the way the tax code works for farms is they have to be “profitable” but “$1 is profit”. The way to judge farmer success, look at all the “expenses” they’ve “acquired for the farm”. Check our what year and trim package their truck is, or when they last got a new large purchase like land or an additional herd or new tractor/implement and you’ll figure out that most of them aren’t hurting too bad and are loving the cost of beef.
Granted, this is all anecdotal evidence from growing up with and around beef farmers and still keeping an ear on the business. Your mileage may vary.
This ain’t the case in UK, you get taxed on your lands worth, including machinary, life stock and the house itself.
No you don’t. That’s a deliberate misreading of a (proposed. Is it in place yet?) inheritance tax change as being an ongoing tax. It is not.
Don’t believe everything Jeremy Clarkson says, he literally bought tgat farm to dodge inheritance tax and is on record saying so.
You should believe very little of what Clarkson says, he’s a professional buffoon.
Not surprising somewhere has a more intelligent tax code than the US lol