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Iowa farmers could lose if capital gains tax changes passed, groups say


Des Moines Register
Legislation intended to force the nation s richest Americans to pay taxes on inherited fortunes would instead drive hard-working farmers to sell land that families have owned for generations, ag and business groups say.
Five leading U.S. senators, including former Democratic presidential candidates Sens. Cory Booker of New Jersey and Elizabeth Warren of Massachusetts, proposed legislation last month that they say would close a loophole that allows wealthy Americans to sidestep paying taxes on massive inheritances. It could potentially impact farmers, whose valuable land would be taxed when passed on to the next generation.
Sen. Bernie Sanders, a Vermont Independent, said it s absurd that many of the country’s wealthiest people never pay a cent of capital gains taxes on millions or even billions they inherit, while working people pay taxes on every check they receive.” ....

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Iowa's farm bankruptcies up in 2020, but it could have been much worse


Des Moines Register
By the time Stan Deardeuff talks with farmers who are struggling to stay afloat financially, the longtime Iowa Mediation Service counselor says they re usually resigned.
They ve been in this soup for a while, unable to stave off years of growing debt, says Deardeuff, who has worked with farmers a step away from bankruptcy since the 1980s farm crisis.
There s also regret. They have a connection to the land. And they feel like maybe they re letting someone down, the next generation that wanted to farm, Deardeuff said.
Iowa had more distressed farmers for counselors like Deardeuff to see last year. Despite $2 billion in government assistance, more Iowa farmers filed for bankruptcy in 2020 than at any time in the past decade, recently released figures show. ....

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