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Biden Tax Plan is BS!

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audiophile
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Biden Tax Plan is BS!

Post by audiophile » Fri Jul 23, 2021 9:45 am

https://www.msn.com/en-us/news/us/biden ... d=msedgntp

You should be able to land swap, tax free.


Ask not what your country can do FOR you; ask what they are about to do TO YOU!!

km1125
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Re: Biden Tax Plan is BS!

Post by km1125 » Fri Jul 23, 2021 10:44 am

Not a fan of this 'tax plan' at all, but the 1031 should be eliminated along with a lot of other provisions in the effort to simplify the tax code.



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MWmetalhead
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Re: Biden Tax Plan is BS!

Post by MWmetalhead » Sat Jul 24, 2021 11:50 am

How often do farmers swap land? Most farmers around here farm on the same land for generations. I don't see much in the way of land swapping - i.e. abandoning & selling once parcel to move shop to another parcel.

I'd be curious to know from those directly or indirectly involved in farming if the Senator's illustrative example is indeed a realistic example.

I could see this being a more relevant issue for ranchers, perhaps.

The Biden Tax Plan does indeed have many flaws (the proposed steep hike in the capital gains tax is a terrible idea), but the senior Senator from Arkansas picked a seemingly unlikely example on which to base his argument.



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