• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Wednesday, March 22, 2023
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home Opinion

Grassley: Increased Estate Taxes will Destroy Iowa’s Farm Culture

Chuck Grassley: Iowa farmers feed and fuel our country and the world ensuring their ability to keep the land in their family is in our national interest.

Chuck GrassleybyChuck Grassley
September 23, 2021
in Opinion
Reading Time: 3 mins read
Grassley: Increased Estate Taxes will Destroy Iowa’s Farm Culture

U.S. Senator Chuck Grassley, R-Iowa, spoke on the floor of the U.S. Senate on September 22, 2021.

I make it a priority to keep in touch with Iowans and to listen to their thoughts and concerns.

RELATED POSTS

Feenstra: Delivering a strong Farm Bill for Iowa

Miller-Meeks: It’s time to invest in American energy

Ernst: Biden’s WOTUS whiplash.

Whether at one of my 99 county meetings or during the a match-up of Iowa State versus my alma mater, Northern Iowa, I meet Iowans where they are and listen to what is on their mind.

During this past state work period, I had multiple conversations with farmers about what is on their mind.

At the UNI – Iowa State game, I had a conversation with Ron Heck, a farmer from Perry, Iowa, where he talked about the concerns about President Biden’s tax plan.

Ron followed up with an email to me, which I want to share with my colleagues on the floor since this is a theme I’ve consistently heard across the state.

Ron started the email by saying, “Iowa farmers have a problem with exploding land prices, coupled with Biden’s increasing death and transfer taxes.”

He said, “A tax at death or transfer can’t be paid back by younger working farm families. Young Iowa farmers would become feudal servants to banks and landlords from outside of the state.

ADVERTISEMENT

There are many cliches and articles written about this. I have seen some that don’t seem to grasp the problem.”

Then Ron highlighted some key statistics on the lack of available Iowa farmland.

“In Iowa, from the third quarter of 2020 through the second quarter of 2021, the Center for Agricultural and Rural Development at Iowa State University says 181,046 acres of Iowa farmland has been available on the market.

Out of about 30 million crop acres, this is 0.6 percent in a year. Everyone knows that it might be 100 years before a parcel is available again, so you need to buy it now is always said by the auctioneer.

A Des Moines Register article from June 28, 2018, by Donnelle Eller says that only 7 percent of Iowa farmland owners intend to sell to a non-family member.

Ron made this point to show that public auction prices are high because of the scarcity of available farmland. These prices should not be used for family tax-transfer valuations for taxation.

Ron continued with facts on the price of this farmland, “Outsiders believe the value is there, but in fact, farm families don’t want to sell, so the auction price goes up.

Ron said, “In August, there were forty Iowa farmland auctions with most of the sales between $10,000 to $16,000.

Assuming a taxable gain of $10,000 per acre, Biden’s tax plan could be $4,400 per acre.

Ron told me that, “At a minimum, this would be a $200 per acre cash rent for 22 years to the US government, all payable in advance.”

He added, “This is confiscation, not taxation.”

Ron said that since the $4,400 must be paid for with after tax dollars, it would take double this amount to pay it back. Interest charges could make the payback period more than 50 years, just to pay the U.S. government.”

Ron finished his email by saying, “It doesn’t take much outside money to raise havoc with Iowa farmland auctions.

“Estate or transfer taxes will ultimately destroy Iowa’s farm culture.”
Ron, thanks for taking the time to write to me.

It’s my job to respond to the comments and do something about it. I want to urge my colleagues to join together and oppose changes that will impact family farmers.

Iowa farmers feed and fuel our country and the world.

Ensuring that the next generation of farmers are able to keep the land in their family is in our national interest.

Biden’s tax and spend proposals will be bad for small businesses, for farmers, and for all Iowans.

Note: This op/ed is the transcript of a speech that U.S. Senator Chuck Grassley, R-Iowa, gave on the U.S. Senate floor on Wednesday, September 22, 2021. 

Tags: Chuck Grassleyestate taxIowa AgricultureU.S. Senate
ShareTweetShare
ADVERTISEMENT
Previous Post

Iowa Is One of Three States That Did Not See Charter School Enrollment Growth

Next Post

Hinson Says She’s Focused on Serving District, Not Drawing It

Chuck Grassley

Chuck Grassley

U.S. Senator Chuck Grassley, R-Iowa, has served as U.S. Senator representing Iowa since 1981. He is the President Pro Tempore of the U.S. Senate and chairs the Senate Finance Committee.

Related Posts

corn field
Opinion

Feenstra: Delivering a strong Farm Bill for Iowa

March 22, 2023
Bio Ethanol on the Way
Opinion

Feenstra: Defending Iowa’s rural energy production

March 15, 2023
President Joe Biden speaks at POET Bioprocessing in Menlo, Iowa.
Opinion

Ernst: Biden is trying to make your 401(k) broke and woke.

March 8, 2023
Grassley: Inheritance Taxes Are Bad for Farm Economy
Opinion

Feenstra: Agriculture is the economic engine of Iowa

March 1, 2023
Editorial: Elected Officials Should Stay Out of Private Labor Disputes
Opinion

Feenstra: Iowa farmers are the best stewards of their farmland

February 15, 2023
USDA Provides Iowa with $500,000 Grant to Support Farmers’ Mental Health
Opinion

Feenstra: Iowa farmland belongs to Iowa farmers

February 8, 2023
Next Post

Hinson Says She's Focused on Serving District, Not Drawing It

State Officials Release Back-to-School Guidance for COVID-19

(Updated) Several Iowa School Districts Reinstate Mask Mandates

Sign-Up For Our Daily Updates

Get The Iowa Torch right in your inbox!

Please wait...

Thank you for signing up!

Recommended Articles

Rogers: Before Casting Judgement on Private and Charter Schools Review the Evidence

Rogers: Before Casting Judgement on Private and Charter Schools Review the Evidence

March 4, 2021
Miller Urges Congress to Extend Deadline to Use CARES Act Funding

Iowa to Receive $1.95 Million In Boston Scientific Settlement

March 23, 2021

Hendrickson: Senator Jack Whitver, Iowa’s quiet conservative

September 7, 2022

Popular Stories

  • Iowa’s New Unemployment Rate Holds Steady, Overall Rates Rise

    Horn: It’s time for employers get serious about Iowa’s untapped workforce

    0 shares
    Share 0 Tweet 0
  • School restroom bill heads to Reynolds’ desk

    0 shares
    Share 0 Tweet 0
  • Ernst: Biden’s WOTUS whiplash.

    0 shares
    Share 0 Tweet 0
  • Regents Board President pauses new DEI programs at Iowa’s public universities

    0 shares
    Share 0 Tweet 0
  • Iowa House sends government reorganization bill to Reynolds’ desk

    0 shares
    Share 0 Tweet 0

The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans

Categories

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government
  • Uncategorized
  • Uncategorized

Newsletter

Please wait...

Thank you for signing up!

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.