"Good farm ground in Iowa sells now for about $12,000 an acre, and 600 acres of corn and soybeans are likely required to have an economically feasible family farming operation. Farming profit margins are razor-thin due to globalization, and land is becoming more expensive due to government-caused inflation. Farms must expand to survive.
In the event of a farmer's death, his gross estate value, including land and equipment, could easily exceed $8 million." [1]
1. Family Farms Won't Escape Biden's New Tax
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 14 Sep 2021: A.16.
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