I see these new tractors (equipment in general) and all of these taxs advantages that they get, or tax write offs... In the end when they sell/trade that equipment, they will have to pay the taxes on it or if thier estate ends up with it they have to pay the taxes on it... I see alot of farmers spending all of there money becuase they dont want to pay taxes, they would rather have buy some equipment and have a tax write off. When the time comes for them to retire they have no money saved up becuase they spent all there money tring to avoid taxes; and since they had all these tax write offs and never paid into Uncle Sam they can not draw Social Security or any of the other benefits.
If I make a $100,000.00 a year and a farmer makes a $100,000.00 a year we both pay the same taxes. The only difference is what either of us are able to write off on our individual returns. I pay my taxes every 2 weeks when I get paid. The farmer only pays there taxes a couple fo times a year and I would feel no different if I had to write that big of a check to Uncle Sam.
Thier Accountant needs to do a better job explaining the long term advantages / disavantages of tax write offs, not just showing them how to spend there money.
I know there are alot of other reasons to buy these big tractors and equipment as it s necessary to keep up with the times and being efficiant in the field. You can only keep a 4020 or a 1066 running for so long and what they are capable of doing is growing limited these days. 40 or 50 years ago these were "big" tractors, these are babies now days!
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Today's Featured Article - A Belt Pulley? Really Doing Something? - by Chris Pratt. Belt Pulleys! Most of us conjure up a picture of a massive thresher with a wide belt lazily arching to a tractor 35 feet away throwing a cloud of dust, straw and grain, and while nostalgic, not too practical a method of using our tractors. While this may have been the bread and butter of the belt work in the past (since this is what made the money on many farms), the smaller tasks may have been and still can be its real claim to fame. The thresher would bring in the harvest (and income) once a y
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