points by Telemakhos 1 day ago | 0 comments
At $5MM farmers are affected. Land is expensive, and it takes a lot of land to farm. At $5k/acre, the old standard 1k acres farm is $5MM, and nowadays that’s probably not enough land to raise a family (only $65k profit), so you really need more land. Estate tax means the kids can’t inherit all the land.
[–] sfn42 1 day ago
I'm not attached to the random figure I threw out. Put it at $10M then.
That said, if you have $5M invested in a business that makes you $65k a year you're being stupid. Sell the farm, put the money in some safe 5%ish interest vessel like a CD, now you're making $250k doing nothing.
Farmers—as in, the land-owning famers—are generally wealthy people.