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Tax laws blamed for ag overcapacity and farm losses
An extension agent cites federal and state tax policies as key drivers of oversupply and low prices in agriculture. He cites a milk surplus of 17 billion pounds, declining land values, and the Farm Credit bailout as evidence of misaligned incentives. He warns wealth shifting from land to income and mentions a deferral shelter scheme that lets investors gain via cattle purchases to avoid taxes. He urges eliminating farm expense deductions except for farming activities.
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Jensen