Iowa has just broken a record…and it isn’t a good one.
A parcel of land roughly 80.5 acres has just sold for $21,900 an acre.
Can you imagine?
The previous record was $20,000 an acre.
This just goes to show the devastating effects an increased estate tax can have on family farms. This farm alone is worth over $1.5 million. If the new estate tax takes effect, that one property would eat up the credit of $1million, leaving $500,000 to be taxed at 55%. The rest of the operation would also be taxed at that rate.
Astounding.
(Read more here.)
Image courtesy of prozac1 / FreeDigitalPhotos.net
